Axis bank earnings of Rs26.8bn (PLe: Rs19.6bn) saw a strong beat on back of better than expected other income and lower provisioning. PPOP grew by 17%, although core PPOP grew by 9% YoY as NII growth looked slightly weaker with growth of 11% YoY which was lower than 16% of FY21. Headline asset quality was better due to better recovery/upgrades & higher write -off of Rs55.3bn (89bps of loans). Bank has maintained PCR of 72% and 80bps of COVID provisions over and above regulatory specific provisions on non NPAs. With legacy NPAs provided for, better growth and initiatives are...