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.
ICICI Direct Report
Axis Bank Ltd. reported a strong set of numbers with a sequential pick-up in business growth, improved asset quality and better than estimated bottom-line performance.
Net interest income was up 11% YoY to Rs 7,555 crore aided by 7% QoQ rise in loans and stable margins, net interest margins at 3.56% versus 3.55% YoY, 3.59% QoQ.
Despite approximately 20 basis points fall in cost of funds sequentially, margins were stable as a result of higher liquidity coverage ratio, loan mix shift toward better rated portfolios and also previous quarter had positive eight basis points impact of interest of IT refund.
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