Margins expand 5bp QoQ; treasury gains aid earnings

Company
25 Apr 2024
5 Min read 
  • Axis Bank reported 4QFY24 results with changes in estimates, target price, and rating.
  •  Margins expanded 5bp QoQ, aided by treasury gains, with healthy loan and deposit growth.
  •  Financials and valuations show growth in NII, operating profit, and NP over FY24-FY26.
  •  Asset quality improved, with a decline in GNPA and net NPA ratios.
  •  Management highlighted focus on retail franchise and technological infrastructure, with healthy subsidiary performance.
  •  Valuation and view suggest maintaining a neutral rating with a revised TP of INR1,200.
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