Earnings in line; remain watchful on growth and NIMs

Company

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.