Axis Bank Share price: In line Q3; prudent provisioning a positive II Sharekhan raises price target to Rs 800
Axis Bank operational performance was largely in line with expectations, but PAT slipped, owing to elevated provisions and slower advances growth. However, asset quality improved qoq. The front-loading of provisions on a proforma basis augurs well for the long term. Axis Bank's Net interest income (NII) grew 14% yoy to Rs 7373 cr and was in-line with estimates.
Axis Bank's NII (pre-interest reversals) grew 19% yoy to Rs 7987 cr. Axis Bank's Operating profit grew 6% yoy to Rs 6096 cr, down 11% qoq and was in line with estimates: Reuters