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Axis Bank Q2 Results Review


BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

Axis Bank Ltd.’s earnings exceeded estimates led by beat on net interest margin (up 36 basis points QoQ to 3.96%), low credit costs (~30 bps), and flattish opex QoQ, resulting in return on asset of 1.8% for the quarter and significantly bridging the return on asset gap versus large private peers.

NIM benefitted from re-pricing of external benchmark lending rate loans, 300 bps rise in credit-deposit ratio, and sequential moderation in lower yielding rural infrastructure development fund book.

Axis Bank’s loan growth at 4% QoQ was broad based, with domestic corporate and small and medium enterprise leading growth at 6-7% QoQ. Asset quality concerns are largely behind with slippages at 1.9% and overall credit costs at 30 bps benefitting from healthy recoveries.

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