Axis Bank Q3 Review - Encouraging Credit, Operating Metrics: Dolat Capital
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Dolat Capital Report
Axis Bank Ltd. reported net interest income and pre-provision operating profit growth of 14% and 6% YoY respectively, impacted by reversal of interest and fee income, adjusted for which growth would stand at 19%/14% respectively.
Net interest margin were stable QoQ at 3.6% despite a 30 basis points impact of interest reversals, benefitting from improving spreads.
Pro-forma non-performing assets increased by 27 basis points QoQ to 4.55%, with pro-forma provision coverage ratio at 75%, amongst the highest in industry.
Slippages (pro forma) were contained at 2.5% for nine-months FY21 and 4.7% for Q3 FY21 (annualized) against 4% for FY20.
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