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Motilal Oswal Report
Axis Bank Ltd. delivered a strong operational performance, with net profit up 224% YoY (a significant beat) aided by robust loan growth, higher margin, and controlled provisions.
Loan growth was led by healthy momentum across business segments. The management sees continued traction in coming quarters.
Opex growth stood elevated at 25% YoY and 10% QoQ, resulting in a 10% YoY growth in core pre-provision operating profit.
Fresh slippages fell to Rs 41.47 billion, while higher recoveries and upgrades at Rs 32.88 billion and write-offs of Rs 17.07 billion enabled a 36 bps/17 bps QoQ decline in gross non-performing asset/net non-performing asset ratio. Net NPA fell below 1% to 0.91%.
We expect Axis Bank to deliver an FY24E return on asset/return on equity of 1.6%/16.1% in FY24E.
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