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Moneycontrol.com >> Message Board >> View Messages >> Axis Bank
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AXIS BANK (1)   17-Jul-08 12:43Tracked by (0)  
Posted by:   zoombusiness on ( 17-Jul-08 12:43 )
Price : BSE: Rs 628.50 ( 7.54 % ), NSE: Rs. 629.50 ( 7.71 % )
Axis Bank’s Q1FY09 results have surpassed our estimates primarily on the strength of higher loan growth and robust non-interest income. NII expanded 93% YoY to Rs 8.1bn, driven by increased asset growth as advances and deposits swelled 48% and 46% respectively. In another key positive, fee income surged 80% YoY during the quarter to Rs 4.8bn, aiding net profit growth of 89% to Rs 3.3bn.

The management expects to maintain the robust business growth momentum in the coming months. However, the weakening asset quality remains a concern. We have revisited our estimates for fee-based income to incorporate the strong growth during the quarter, while raising our estimate for provisioning expenses in FY09 and FY10 on account of higher non-performing assets and depreciation on investments. On a net basis, these changes have no impact on our profit targets.-RS-

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