24 Jul 2022 , 12:21 AM
Result date: 25th July, 2022
Recommendation: Buy
Target price: Rs900
Healthy loan growth both over the year-ago quarter and sequentially should drive topline of Axis Bank in the June 2022 quarter. Analysts at IIFL Capital Services forecast Net Interest Income (NII) at Rs91 billion, up 17% Y-o-Y.
Net Interest Margin could inch down a bit owing to increase in cost of funds. Cost to income ratio is also expected to remain elevated. Pre-Provisioning Operating Profit (PPOP) is pegged at Rs61.3 billion. This will be a Y-o-Y decline of 1%. Profit After Tax (PAT) is forecasted at Rs38.4 billion, up 78% over the year-ago quarter.
Key management insights to look into:
Rs billion | June 2022 estimates | YoY change | QoQ change |
Total income | 126.6 | 14% | (3)% |
NII | 91.0 | 17% | 3% |
PPOP | 61.3 | (1)% | (5)% |
PAT | 38.4 | 78% | (7)% |
Source: IIFL Research
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