Buy Axis Bank; target of Rs 1349: Geojit

Geojit is bullish on Axis Bank has recommended buy rating on the stock with a target price of Rs 1349 in its research report dated July 31, 2024.

Broker Research

August 01, 2024 / 14:33 IST

BUY

Geojit's research report on Axis Bank

Axis Bank offers a wide range of banking services in India, including cash and credit management, retail banking, investment management and treasury services.In Q1FY25, the bank’s net interest income (NII) rose 12.5% YoY to Rs. 13,448cr (+2.7% QoQ), driven by growth in higher yielding assets. Asset quality improved with net non-performing assets (NPAs) and gross NPA declining to 0.34% and 1.54%, respectively (vs. 0.41% and 1.96% in Q1FY24). Axis Bank reported a decent quarter, with its loan book and net profit rising. Asset quality continues to remain healthy despite higher slippages. Also, with better asset mix and granularisation of deposits, the bank has been able to keep NIM stable. Therefore, we continue to remain optimistic about its long-term growth prospects. Hence, we maintain our BUY rating on the stock with a revised target price of Rs. 1,349 based on 2.0x FY26E book value per share (BVPS).

Outlook

we maintain our BUY rating on the stock with a revised target price of Rs. 1,349 based 2.0x FY26E BVPS.

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