Axis Bank Q3 Review - Sequentially Improved Performance Augurs Well: Yes Securities
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Yes Securities Report
Axis Bank Ltd.'s gross slippages amounted to Rs 41.47 billion (annualised slippage ratio of 2.6%) and recoveries and upgrades were healthy at Rs 32.88 billion.
Net interest margin at 3.53% was up 14 basis points QoQ aided partly by lower interest reversals, whose benefit was 5 bps QoQ.
Advances grew 6.9%/14.1% QoQ/YoY driven sequentially by all-round growth in most segments. Total opex rose 9.7%/25.3% QoQ/YoY, employee expenses rose 0.2%/15.6% QoQ/YoY and other expenses rose 14.5%/30.1% QoQ/YoY.
Axis Bank's fees income rose 3.5%/15.1% QoQ/YoY driven by generally improved business activity.
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