Axis Bank (AXSB) posted strong Q4FY19 operating profit growth of 37% YoY, with PAT of Rs 15bn led by 21% growth in NII. The bank made accelerated provisions worth Rs 13bn in Q4. Slippages fell to Rs 30.1bn vs. Rs 37.5bn in Q3, and NIM was largely stable at 3.4%. Over the medium term, management expects NIM to rise to 3.5-3.8% and the domestic book to grow 5-7% above industry. We value the core book at 2.5x FY21E P/B vs. 2.1x earlier on...