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Motilal Oswal Report
Axis Bank Ltd. delivered a mixed quarter, with net profit up 54% YoY (in line), supported by lower provisions, even as margin declined and opex stood elevated.
Loan growth stood healthy, led by continued momentum in small and medium enterprise and retail segments. Growth in opex stood elevated at 23% YoY and 4% QoQ, resulting in a modest 9% YoY growth in core pre-provision operating profit.
Fresh slippages fell to Rs 39.8 billion (versus Rs 41.5 billion in Q3 FY22), while higher recoveries and upgrades at Rs 37.6 billion and write-offs of Rs 16.9 billion enabled a 35 basis points/18 bps QoQ decline in the gross non -performing asset/net non-performing asset ratio.
We expect Axis Bank to deliver an FY24 return on asset/return on equity of 1.6%/15.7%.
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