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 mixed quarter, with net profit up 54% YoY (in line), supported by lower provisions, even as margin declined and opex stood elevated.
Loan growth stood healthy, led by continued momentum in small and medium enterprise and retail segments. Growth in opex stood elevated at 23% YoY and 4% QoQ, resulting in a modest 9% YoY growth in core pre-provision operating profit.
Fresh slippages fell to Rs 39.8 billion (versus Rs 41.5 billion in Q3 FY22), while higher recoveries and upgrades at Rs 37.6 billion and write-offs of Rs 16.9 billion enabled a 35 basis points/18 bps QoQ decline in the gross non -performing asset/net non-performing asset ratio.
We expect Axis Bank to deliver an FY24 return on asset/return on equity of 1.6%/15.7%.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
As a Subscriber you get
Stories
RECOMMENDED FOR YOU
POPULAR