Axis Bank's Q1FY16 results were above estimates as the earnings grew by 18.7% YoY (-9.3% QoQ) to Rs 19 bn led by strong growth in non- interest income as well as lower opex cost. NII of Rs 40.6 bn (22.5% YoY & 6.8% QoQ growth) was marginally above estimates. Strong growth in advances of 23.5% YoY and 1.3% QoQ was led by strong growth in corporate and retail advances.