Earnings in line; remain watchful on growth and NIMs

24 Jan 2024
5 Min read 
  • Axis Bank's PAT in 3QFY24 met expectations, driven by strong other income.
  •  NIMs decreased slightly and funding costs are expected to rise.
  •  Loan growth was strong at 22% YoY, while deposit growth was robust at 5% QoQ.
  •  Fresh slippages increased, but GNPA ratio improved and restructured book was under control.
  •  FY25E EPS reduced by 8% due to higher costs and margin pressures.
  •  Rating downgraded to Neutral with revised TP of INR1,175.
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