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.
IDBI Capital Report
Axis Bank Ltd.’s credit growth improved to 17% YoY (10% YoY Q2 FY22) led by balance sheet adjustment corresponding quarter last year.
Restructured assets stood at 0.63% lower than its peers; as minimal restructuring under 2.0. Asset quality improved with gross non-performing asset at 3.17% versus 3.53% led by lower slippages and higher recoveries and upgrades.
Profit after tax grew by 223% YoY led by lower provisions (down 64% YoY). Net interest income grew by 17% YoY led by improvement in net interest margins at 3.53% (3.39% QoQ).
Pre-provision operating profit grew by 17% YoY (up 4% QoQ) led by higher other income (up 31% YoY). With management change behind and strong capital in place, Axis Bank would see better revival in growth within the sector.
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