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Buy Axis Bank; target of Rs 828: Geojit

Geojit recommended is bullish on Axis Bank recommended buy rating on the stock with a target price of Rs 828 in its research report dated May 09, 2022.

May 12, 2022 / 09:00 PM IST
 
 
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Geojit's research report on Axis Bank


Axis Bank offers a wide range of banking services in India that includes cash and credit management services, retail banking, investment management and treasury services amongst others. NII up 13.3% YoY (+17% QoQ), a steady growth in NII lead to operating profit growth of 13% YoY with stable NIM up of 3.49%. CASA deposits increased by 19.3% YoY (-4.2% QoQ) which will lead access to low cost of fund and help improve margins. Access to Citi bank’s consumer business division will help Axis bank to grow its deposits and advances stabilizing its asset quality driving banks’ performance over the period.



Outlook


We reiterate our BUY rating on the stock with a rolled forward target price of Rs. 828 based on roll forward 1.75x FY24E BVPS.

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first published: May 12, 2022 09:00 pm
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