Axis Bank Share: Axis Bank has presented excellent results in the third quarter. The bank’s profit has grown by 224 per cent year-on-year at Rs 3614 crore, while the bank’s earnings from interest income have also grown by more than 17 per cent. At the same time, the net NPA of the bank has been lowest in 23 quarters and loan growth is at the peak of 15 quarters. The stock was up 5% at the January expiry.
The asset quality of the bank has also shown improvement in the third quarter. During this period, the gross NPA of the bank has come down to Rs 23,301 crore from Rs 24,148.6 crore in the previous quarter. At the same time, Net NPA has come down to Rs 6513 crore from Rs 7,200 crore in the previous quarter.
In percentage terms, the gross NPA of the bank has come down from 3.53 per cent to 3.17 per cent in the third quarter on a quarter-on-quarter basis. At the same time, Net NPA has come down to 0.91 percent from 1.08 percent in the previous quarter. There has also been a decline in the new NPAs of the bank in the third quarter. The new NPAs of the bank have come down from Rs 5,464 crore to Rs 4,147 crore on a quarter-on-quarter basis in the third quarter.
After the results, let us know what is the opinion of the brokerage house on this stock.
CLSA has given Buy rating on Axis Bank and has a target of Rs 1080 per share for the stock. The brokerage firm says that the third quarter results have been strong in every respect. The year-on-year NII growth has been 17%. At the same time, the core PPoP has been as per the estimates, it has also seen a jump of 17 percent on a yearly basis. The brokerage says that India is part of the Focus portfolio and is among our top picks.
At the same time, CITI says that the bank has lived up to the expectations of growth and improvement in NIMS. The valuation of Axis Bank is cheaper as compared to other banks. Giving buy rating to Axis Bank, CITI has given a target of Rs 1000 per share.
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Here Nomura has said in its note that in the third quarter, there has been an improvement in the NIM and asset quality of Axis Bank. The brokerage has increased the EPS estimate for FY22-24 by +4.7%/+2.7%/1.6%. Nomura, keeping a bullish view on this banking stock, has given it a Buy rating and has set a target of Rs 980.
At the same time, CS has given a target of Rs 960 for this stock while giving outperform rating. The brokerage house says that the growth and asset quality have been higher than expected. 15% ROE is possible in FY23/24.
At present, around 09:35 pm, this Axis Bank stock is trading around 727.90 on NSE with a gain of Rs 21.30 or 3.02 per cent. Yesterday i.e. January 24, the stock closed at Rs 704.60 in trading, while today the stock opened at Rs 714.00 level. The market cap of the bank is Rs 222,487 crore.
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