Axis Bank Q3 Results Review  — 'Hold' The Stock Says Systematix On Weak Performance; Revises Target Price

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Systematix Research Report

Axis Bank Ltd. reported Q3 FY25 profit after tax of Rs 63 billion which declined by -9% QoQ, +4% YoY mainly due to-

1. weak net interest income growth (1% QoQ, 9% YoY) led by margin compression and weak loan growth,

2. weak other income growth (-11% QoQ) on strong base,

3. higher credit costs on higher retail slippages,'partly offset by opex decline (-5% QoQ, +1% YoY).

Given that credit-deposit ratio will remain elevated and retail slippages are yet to peak out, earnings are likely to remain under pressure in near term, albeit Q4 will benefit from favorable seasonality.

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