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Moneycontrol.com >> Message Board >> View Messages >> Axis Bank
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AXIS BANK (1)   17-Jul-08 13:23Tracked by (0)  
Posted by:   zoombusiness on ( 17-Jul-08 13:23 )
Price : BSE: Rs 626.50 ( 7.19 % ), NSE: Rs. 626.10 ( 7.13 % )
AXIS bank will deliver stronger performance compared to its peers and that the current stock price offers a fair likelihood for capital appreciation. Previously, we had mentioned that the share price would correct to offer entry opportunities at lower levels.

Positive on the bank’s future performance. A 50% increase in Interest Income and a 70% jump in Non-Interest, Income resulted in Axis Bank reporting an 89% Net Profit increase. On a sequential basis, interest income and non-interest income grew by 12% each and the bank posted an Operating Profit 11% higher than what it was for Q4 FY08. It was higher provisioning (Rs 2.2 bn) for investments that was the major reason for the bank posting a net profit slightly less than Q4 FY08 (-9%). credit growth remained muted at just about 3% compared to 12% during Apr-Jun period last year. Rs 1.4 bn incremental NPAs were identified this quarter and the net interest margins tapered off by around 60 bps on a QoQ basis.

Credit growth remained muted at just about 3% compared to 12% during Apr-Jun period last year. Rs 1.4 bn incremental NPAs were identified this quarter and the net interest margins tapered off by around 60 bps on a QoQ basis.

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