Despite higher non-staff opex, Axis Bank (Axis) reported better-than-expected Q2FY24 PAT of INR 58.6bn (6% beat) led by stable NIM QoQ and strong loan growth (up 4.5% QoQ). Unlike its peers, which saw 25–35bps QoQ decline, stable NIM at Axis was a key surprise (NII beat of 4%).