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    Axis Bank: Prudence to the fore, awaiting a re-rating for high quality growth

    We see a strong re-rating possibility in Axis Bank as numbers start reflecting a return to normalcy

    Madhuchanda Dey
    January 28, 2021 / 11:10 AM IST
    Axis Bank: Prudence to the fore, awaiting a re-rating for high quality growth

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Highlights - Tepid numbers as the bank recognises post Covid stress - Further step-up of provision — provision coverage at 75 per cent on recognition of full stress - Total provision 116 per cent of gross NPA and non-NPA provision 2.08 per cent of standard assets - Minuscule restructuring only for viable cases - Loan book growth driven by secured retail, quality of loan book steadily improving - Adequate capital and excellent liability to propel growth - Valuation re-rating on the cards as normalcy returns Axis Bank’s...

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