BQ Blue'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 BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
Axis Bank Ltd.'s earnings were positive on asset quality though pre-provision operating profit was a miss led by a QoQ operational expenses spike.
Net interest income was ahead due to slightly better net interest margin while loan growth was in-line that was largely led by retail and small and medium enterprise.
Corporate growth was muted. Opex saw a 17% QoQ spike also driven by aggressive focus on collections and 7.5% of the spike was one-time in nature. Hence PPoP was a miss.
Axis Bank's overall asset quality surprised positively. While gross slippages were higher, jump in recoveries QoQ resulted in much lower net slippages that led to a sharp reduction in provisions.
Gross/net non performing asset improved QoQ by 32 bps/12 bps to 3.8%/1.2%.
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