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Axis Bank Q2 Review - Gradual Loan Growth Pick-Up To Aid Recovery: ICICI Direct

Axis Bank Q2 Review - Gradual Loan Growth Pick-Up To Aid Recovery: ICICI Direct

<div class="paragraphs"><p>Exterior of an Axis Bank branch. (Source: BloombegQuint)</p></div>
Exterior of an Axis Bank branch. (Source: BloombegQuint)

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ICICI Direct Report

Axis Bank Ltd. reported mixed results. The outlook remains positive.

Net interest income was up modestly at 7.8% YoY to Rs 7900 crore on account of 19 basis points YoY and 7 bps QoQ fall in net interest margins to 3.39%.

Margins were impacted negatively by 13 bps sequentially due to change in mix.

Other income was up 13% QoQ to Rs 3798 crore, mainly due to 21% sequential rise in fee income.

Cost/income jumped sequentially to 49.3% versus 44.4% QoQ due to rise in business activity.

Axis Bank's provisions during the quarter declined 60% YoY and 47.5% QoQ due to lower slippages and also partly helped by recoveries from bad debts. Thus profit after tax came in at Rs 3133 crore, up 86% YoY.

Click on the attachment to read the full report:

ICICI Direct Axis Bank Q2FY22 Result Update.pdf

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