BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Axis Bank Ltd. delivered a weak operating performance in Q2 FY22 that was characterised by margin weakness (7 basis points QoQ decline) and a muted trend in core pre-provision operating profit.
However, lower provisions (Rs 17.3 billion) aided earnings which surpassed our estimate by 13%.
Business growth was tepid and was pulled down by a 5% QoQ decline in corporate advances, while a strong sequential recovery was witnessed in small and medium enterprise/retail loans.
On the asset quality front, fresh slippages remained elevated at Rs 54.6 billion although higher upgrades/recovery of Rs 47.6 billion aided an improvement in the gross non performing asset/net non performing asset ratio.
Axis Bank’s restructured book remained under control at 0.7% of loans.
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