Axis Bank share price declines 2% ahead of March quarter earnings

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Axis Bank share price declined 2 percent intraday on April 27, the day on which the company is expected to announce its March quarter earnings.

Private sector lender is likely to report a standalone profit in the range of Rs 1,500-3,000 crore for the quarter ended March 2021, against a loss of Rs 1,387.8 crore in the corresponding period. The lower provisions are expected to support profitability.

Net interest income (NII) and pre-provision operating profit (PPoP) in Q4 FY21 are expected to rise in the range of 10-14 percent compared to the year ago.

"We expect loan growth at 7 percent year-on-year (YoY) with a greater focus on retail. We expect NIM to be unchanged quarter-on-quarter (QoQ) at 3.6 percent led by loan composition and lower funding costs. Pre-provision operating profit growth is expected at around 13.5 percent YoY led by better cost controls," said Kotak Institutional Equities which expects a 13.2 percent YoY growth in NII and profit at Rs 3,027.3 crore for the March quarter.

At 10:36 hrs, Axis Bank was quoting at Rs 687, down Rs 13.40, or 1.91 percent on the BSE.

The share touched a 52-week high of Rs 800 and a 52-week low of Rs 333.05 on 16 February 2021 and 22 May 2020, respectively.