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Kotak, Axis, and IndusInd Bank shares rise after Q3 updates
Axis Bank said its gross advances rose 22.7% year over year to ₹13,84,600 crore, while deposits increased 20.7% to ₹14,52,100 crore.
Shares of Kotak Mahindra Bank, Axis Bank, and IndusInd Bank rose on October 6 after the lenders released provisional business updates for the September quarter, according to LiveMint Markets.
The updates pointed to healthy growth in advances and deposits across the three banks, but investors focused on differences in deposit composition and CASA growth.
Kotak Mahindra Bank shares climbed as much as 4.0% to ₹432.75 on the BSE, while IndusInd Bank gained up to 2.3% to ₹902.80. Axis Bank was up as much as 1.7% to ₹1,244.40.
In Axis Bank’s update, gross advances reached ₹13,84,600 crore, up 22.7% from a year earlier and 8.8% from the previous quarter. Deposits totaled ₹14,52,100 crore, increasing 20.7% year over year and 5.8% sequentially, with term deposits rising faster than CASA deposits.