Axis Bank is gradually narrowing its valuation gap with private peers, ICICI and HDFC Bank, as it continues to positively surprise the Street with its strong quarterly financial result.
On Monday, Axis Bank reported a strong operating performance with better-than-expected net profit growth and improved asset quality. The company reported PAT of Rs 3,614 crore, primarily on account of lower-than-expected provisions at Rs 1,337 crore – down 64.4 per cent YoY and 23 per cent QoQ.
Net interest income (NII) grew by 17 per cent YoY and 10 per cent QoQ at Rs 8,653 crore, aided by strong loan book growth (14 per cent YoY). Net interest margin (NIM) improved by 14 bps sequentially and 2 bps YoY to 3.53