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Prabhudas Lilladher Report
Axis Bank Ltd. earnings of Rs 26.8 billion (our estimate Rs 19.6 billion) saw a strong beat on back of better than expected other income and lower provisioning.
Pre provision operating profit grew by 17%, although core pre-provision operating profit grew by 9% YoY as net interest income growth looked slightly weaker with growth of 11% YoY which was lower than 16% of FY21.
Headline asset quality was better due to better recovery/upgrades and higher write-off of Rs 55.3 billion (89 basis points of loans).
Bank has maintained provision coverage ratio of 72% and 80bps of Covid-19 provisions over and above regulatory specific provisions on non non-performing assets.
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