Pick Axis Bank, says PN Vijay

One can pick Axis Bank, says PN Vijay, Portfolio Manager.

Vijay told CNBC-TV18, “Among these three banks which got the expose I choose Axis Bank purely because it has got a relatively higher beta; ICICI Bank is slightly less and HDFC has a very low beta. So if we work on the assumption that the market will work itself up, it is logical that the beta play should be on Axis Bank.”
He further added, “Axis Bank is a good bank. I think they don't have the NPA worries that some others have, their NIM is pretty impressive. They have made that change over in to a more retail and individual focus bank from the good old days when they were some sort of UTIs bank and today their asset profile if you see is fairly well distributed and quite profitable. So the balance sheet of the bank is good, the valuations are reasonable most importantly after touching Rs 1450 or so, not so long ago, they have corrected all the way down, lost almost Rs 100. So, Axis Bank is a relatively safe pick where your returns may be pretty substantial.”