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Last Updated : Apr 29, 2019 01:23 PM IST | Source: Moneycontrol.com

Buy Axis Bank; target of Rs 880: ICICI Direct

ICICI Direct is bullish on Axis Bank has recommended buy rating on the stock with a target price of Rs 880 in its research report dated April 26, 2019

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ICICI Direct's research report on Axis Bank


Axis Bank posted a healthy operational performance led by 11 bps improvement in margins & higher traction in fee income. NII came in at healthy ~21% YoY to Rs 5706 crore while operating profit exceeded our estimates due to higher other income (Rs 3526 crore, up 26.5% YoY) boosted by retail & transaction banking. Lower slippages & higher reduction led to moderation in provisions. Accordingly, PAT came in at Rs 1506 crore.


Outlook


We remain positive on the bank and revise our target price upward to Rs 880 (earlier Rs 825) valuing core bank at 2.9x FY21E ABV. We maintain our BUY rating.


For all recommendations report, click here


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First Published on Apr 29, 2019 01:23 pm
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