64206 Investors following Axis Bank. Share this News with them.
0
Like this story, share it with millions of investors on M3
Buy Axis Bank, target of Rs 929: Angel
Angel Broking has maintained its buy rating on Axis Bank with a 12-month target price of Rs 929. Axis Bank maintained its strong growth trajectory, with Advances growing 54% yoy to Rs 68,853 cr and Deposits 60% yoy to Rs 1,02,885 cr.
Angel Broking has maintained its buy rating on Axis Bank with a 12-month target price of Rs 929 in its October 13, 2008 research report. "Axis Bank maintained its strong growth trajectory, with Advances growing 54% yoy to Rs 68,853 cr and Deposits 60% yoy to Rs 1,02,885 cr. Pertinently, this robust growth was matched by continued traction in daily average CASA balances, growing 43% yoy, substantially above the systemic growth rate on account of sustained network expansion and customer acquisition. This enabled the bank to post an improvement in reported NIMs from 3.3% to 3.5% and deliver a strong 55% yoy growth in Net Interest Income (NII) to Rs 914 cr."
"The Bank delivered a robust yoy growth in Net Profit of 77% yoy to Rs 403 cr. We maintain Buy on the stock, with a 12-month Target Price of Rs 929, implying an upside of 41%," says Angel Broking's research report.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click on the attachment......
