Axis Bank Q3 Review - Credit Growth Improved; Restructured Assets At 0.63%: IDBI Capital
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IDBI Capital Report
Axis Bank Ltd.’s credit growth improved to 17% YoY (10% YoY Q2 FY22) led by balance sheet adjustment corresponding quarter last year.
Restructured assets stood at 0.63% lower than its peers; as minimal restructuring under 2.0. Asset quality improved with gross non-performing asset at 3.17% versus 3.53% led by lower slippages and higher recoveries and upgrades.
Profit after tax grew by 223% YoY led by lower provisions (down 64% YoY). Net interest income grew by 17% YoY led by improvement in net interest margins at 3.53% (3.39% QoQ).
Pre-provision operating profit grew by 17% YoY (up 4% QoQ) led by higher other income (up 31% YoY). With management change behind and strong capital in place, Axis Bank would see better revival in growth within the sector.
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