Axis Bank shares up 22%

Axis Bank's second-quarter earnings were 4 percent ahead of estimates on a pickup in fee income.

Written by Agencies | Published: October 16, 2012 11:45 am

* Axis Bank shares gained as much as 3.2 percent after posting a 22.2 percent jump in July-September earnings.

* Axis Bank’s second-quarter earnings were 4 percent ahead of estimates on a pickup in fee income (up 17 percent on quarter) and margin expansion (up 10 basis points on quarter),Credit Suisse said in a note,maintaining an ‘outperform’ on the stock.

* Barclays says the key positive in the second-quarter earnings was the traction in the retail business and asset quality (in terms of slippages and restructuring) which held up in the quarter. However,the rating trends continue to weaken.

* Analysts waiting more details from conference call at 11:30 a.m India time.

* At 11.03 a.m.,Axis shares gained 2.9 percent at 1,151.00 rupees.

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