Axis Bank (Q1 FY14)

India Infoline News Service | Mumbai |

Impressive execution on focused retail strategy continued in Q1 FY14 with retail loans share increasing by 120bps qoq to 28.6%.

CMP Rs1,241, Target Rs1,551, Upside 25.0%

  • Retail loan shift continues at brisk pace; SME growth also strong 
  • Deposit growth muted but share of retail franchise improves
  • NIM expansion was a positive surprise; margin to moderate going ahead
  • Fee growth slows; C/I ratio declines sharply on huge trading gains
  • Asset quality largely stable; stress asset addition/credit cost guidance maintained
  • Retain BUY but lower 9-month target price; remains one of our Top Picks
Result table
(Rs mn)
Q1 FY14
Q4 FY13
% qoq
Q1 FY13
% yoy
Total Interest Income
72,778
70,476
3.3
64,828
12.3
Interest expended
(44,126)
(43,829)
0.7
(43,030)
2.5
Net Interest Income
28,652
26,647
7.5
21,798
31.4
Other income
17,813
20,072
(11.3)
13,355
33.4
Total Income
46,465
46,718
(0.5)
35,153
32.2
Operating expenses
(18,030)
(18,721)
(3.7)
(15,517)
16.2
Provisions
(7,123)
(5,954)
19.6
(2,588)
175.2
PBT
21,313
22,044
(3.3)
17,048
25.0
Tax
(7,224)
(6,492)
11.3
(5,513)
31.0
Reported PAT
14,089
15,552
(9.4)
11,535
22.1
EPS
120.1
132.9
(9.6)
111.4
7.9

Key  Ratios
Q1 FY14
Q4 FY13
chg qoq
Q1 FY13
chg yoy
NIM (%)
3.9
3.7
0.2
3.4
0.5
Cost of Funds (%)
6.3
6.5
(0.2)
6.7
(0.4)
CASA (%)
42.4
44.4
(2.0)
39.1
3.3
C/D (x)
0.83
0.78
0.05
BSE 548.10 6.50 (1.20%)
NSE 547.95 6.50 (1.20%)

***Note: This is a NSE Chart

 

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