Axis Bank Q2 Results Review - Strong Performance Beating Estimates: ICICI Direct

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Direct Report.Axis Bank Ltd. posted better than estimated numbers. Both business and operational performance were robust, asset quality trend continued to improve. Net interest income was up 31.1% YoY and 10.4% QoQ to Rs 10360 crore on the back of 36 basis points sequential improvement in net interest margins. On a sequential basis, other income reported significant growth of 31.4% and ~4% YoY to Rs 3941 crore, mainly aided by fee income, which grew 20% YoY. Trading loss was at Rs 86 crore in Q2 FY23 versus a loss of Rs 84 crore in Q1 FY23.Axis Bank's controlled opex and higher income levels resulted in decline in cost/income ratio at ~46% versus 49% a year ago and 52.5% in previous quarter. Provisions for the quarter increased 53% QoQ and declined ~68% YoY to Rs 550 crore. Credit cost declined 3 bps QoQ, 16 bps YoY to 0.38%. Thus, profit after tax for the quarter came in at Rs 5330 crore (up 70% YoY, 29% QoQ) and was ahead of our estimates. .Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Axis Bank Q2 Results Review - Strong Performance Beating Estimates: ICICI Direct

Axis Bank Ltd. has delivered better-than-expected Q2 results as both business and operational performance were robust.

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Axis Bank Q2 Results Review - Strong Performance Beating Estimates: ICICI Direct

Axis Bank Ltd. has delivered better-than-expected Q2 results as both business and operational performance were robust.

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