Asset Quality Stress Peaking Out: Maintain BUY Axis Bank has reported the highest ever fresh slippages to the tune of Rs165.4bn (+274% QoQ) in 4QFY18 led by accelerated NPA recognition in BB and below rated corporate book particularly in the power sector. Its GNPA in power portfolio increased to 44% in Mar'18 from 4% in Mar'17. As a result, its provisioning expenses spiked by 178% YoY and 155% QoQ to Rs71.8bn. Further, sharp rise in slippages led to higher interest reversal during the quarter for which the Bank witnessed marginal decline in NII and NIM. Resultantly, the Bank reported 16.1% YoY and 4.7% QoQ decline...