Axis Bank Ltd. share price target

Axis Bank's Q1FY16 PAT (Rs 19.8bn vs. expected Rs 19.6bn) was up 19% yoy, driven by healthy progression in revenue stream. NII grew 22.5% yoy aided by 23.5% growth in advances. Growth in noninterest income was driven by healthy growth in retail core fee...

Bank, promoted in 1994, is a new generation and third largest private sector bank. Loan book mix consists of Corporates 46%, Retail & Agri 40%, SME-14%. Fee Income accounts for ~31% of Total Income. For FY 1QFY16 CAR 15.6%, Tier I - 12.4%, ROE 17.9%, RoA - 1.7%, Cost / Inc 35.6%. Axis Bank has built a reasonable retail infrastructure, with 2589 branches, 12,355 ATMs in 1113 cities & towns and a...

Credit growth for the bank to be ~5% higher than systemic growth. Retail andMSMEtodrivecreditatgrowthratesof~25%and~20%respectively. Corporate credit to remain sluggish due to lack of private investment....

Buy at Rs 543.3 and add on dips to Rs 473 - Rs 497 for Target of Rs 586 in 1 quarter

Axis Bank (AXSB) reported yet another strong performance across parameters. Key positives were (1) overall stressed assets additions within the stated guidance (2) effective use of repatriation gains by creating contingent provisions (3) increasing granularity both in PL & B/S with retail fees share at 39%, retail assets contributing an incremental 62% and retail deposits (incl. CASA) stable at 78% (5) Rating matrix further improved as Infra & Power sector exposures (%) continued to decline.

Axis Bank performance was broadly in line with our expectation, with net profit growth of 18.4% YoY (+14.8% QoQ) driven by healthy progression in revenue stream. NII grew 20% YoY aided by 22% YoY growth in advances. Growth in non...

Bank, promoted in 1994, is a new generation and third largest private sector bank. Loan book mix consists of Corporates 45%, Retail & Agri 39.7%, SME-15.3%. Fee Income accounts for ~31% of Total Income. For FY 4QFY15 CAR 15.6%, Tier I - 12.4%, ROE 17.9%, RoA - 1.7%, Cost / Inc 38.1%. Axis Bank has built a reasonable retail infrastructure, with 2589 branches, 12,355 ATMs in 1113 cities & towns and a...

Key highlights from our Axis Bank?s (AXSB) management meet are (1) Gross impaired asset additions expected to increase QoQ; however maintained its guidance of Rs 65bn for FY15 (2) Exposure to leveraged companies have declined gradually to form ~7% of total loans vs. 10% over the trailing five quarters (3) 60% of power exposures to be operational in FY15 and rest 40% expected to be operational over FY16-17 (4) NIM to remain healthy in a tight band with a focus on high yield loans.

Bank, promoted in 1994, is a new generation and third largest private sector bank. Loan book mix consists of Corporates 47%, Retail & Agri 38%, SME-16%. Fee Income accounts for ~31% of Total Income. For FY 3QFY15 CAR 15.6%, Tier I - 12.4%, ROE 17.9%, RoA - 1.7%, Cost / Inc 41.1%. Axis Bank has built a reasonable retail infrastructure, with 2558 branches, 12,874 ATMs in 1113 cities & towns and a...

Bank, promoted in 1994, is a new generation and third largest private sector bank. Loan book mix consists of Corporates 46%, Retail & Agri 39%, SME-16%. Fee Income accounts for ~31% of Total Income. For FY 2QFY15 CAR 15.9%, Tier I - 12.5%, ROE 17.9%, RoA - 1.7%, Cost / Inc 42.1%. Axis Bank has built a reasonable retail infrastructure, with 2505 branches, 13146 ATMs in 1113 cities & towns and a...