New Delhi, Jul 22 (PTI) Shares of Axis Bank on Wednesday jumped over 8 per cent after the company's asset quality showed improvement in the June quarter.

The stock gained 8.21 per cent to Rs 482.85 on the BSE.

Also Read | OnePlus Nord vs OnePlus 8: Prices, Features, Variants & Specifications.

At the NSE, it zoomed 8.42 per cent to Rs 483.80.

It was the biggest gainer on both BSE Sensex and NSE Nifty.

Also Read | National Flag Adoption Day 2020: 10 Facts About India's Tricolour, National Flag of India.

Axis Bank on Tuesday reported 19 per cent decline in standalone net profit at Rs 1,112 crore for June quarter of the current financial year.

The third largest private sector bank posted a net profit of Rs 1,370 crore for April-June, 2019-20.

Total income was almost flat at Rs 19,125.57 crore during the quarter under review, Axis Bank said in a regulatory filing.

There was an uptick in provisions for bad loans and contingencies at Rs 4,416.42 crore for April-June, 2020-21 as against Rs 3,814.58 crore in the year-ago period.

However, the asset quality showed improvement with gross non-performing assets (NPAs) declining at 4.72 per cent of gross advances as on June 30, 2020, from 5.25 per cent as on June-end last year.

Net NPAs also fell to 1.23 per cent, from 2.04 per cent a year ago.

On consolidated basis, the net profit of the bank declined by 12 per cent to Rs 1,108.10 crore in the first quarter, as against Rs 1,262.98 crore in the same period a year ago.

Total income stood at Rs 19,461.77 crore, as against Rs 19,409.09 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)