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Centrum Broking Report
Axis Bank Ltd.'s earnings were mixed. Net interest income/loan growth were largely in-line while net interest margin was a tad below estimate.
Net interest margin may enhance as Rural Infrastructure Development Fund loans decline and higher yielding retail and current account and savings account share rises.
Opex was a miss led by higher staff cost due to bundling of increments, employee addition and rise in gratuity cost.
Net slippages were a miss at Rs 40 billion (estimate- Rs 31.2 billion) of which retail were Rs 37.4 billion (mainly mortgages).
As per Axis Bank, stress build up is transitory and recoveries may gather pace from Q3 FY22.
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