Centrum Broking: Axis Bank Strong On PPoP; Comfort On Capital, Provisions
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Centrum Broking Report
Axis Bank Ltd.’s Q2 FY21 earnings were largely in-line with profit after tax at Rs 16.8 billion (estimate Rs 17.2 billion).
Net interest income was a beat mainly driven higher net interest margin led by lower deposit cost.
Loan growth was slightly lower at 10.5% YoY as small and medium enterprise was a drag though retail/corporate performed well.
Other income too outperformed led by fee income which is back to pre-Covid-19 levels though this was offset by higher provisions.
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