Axis Bank Limited is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. This bank was formerly known as UTI Bank. It is India’s third-biggest private sector bank by support and fourth-largest by Market capitalization. It markets financial services to extensive and mid-size firms, SMSs, and retail businesses. Now fans have been searching about the Axis Bank name on the internet as they are super curious to know about the news. We have more information about the news and will share it with you in this article, so let’s continue the article.
Axis Bank share price gains after strong Q2 results 2023
As per the report, Axis Bank’s share cost traded over a percent more on Thursday after the bank noted substantial profits with a surprise on the margin front for the quarter finished September 2023. Axis Bank stakes earned as much as 1.42% to 969.00 per on the BSE. Private lender Axis Bank declared a net profit of 5,863 crore in Q2FY24, registering a 10% YoY growth, while net interest payment (NII) increased 18.9% to 12,314.56 crore. Net interest margin (NIM) during the quarter grew by 1 basis point consecutively and 15 basis points YoY to 4.11%. Scroll down to the next page for more information about the news.
Here’s what brokerages have to communicate Axiz Bank Q2 results and Axis Bank shares :
Motilal Oswal Financial Services
Axis Bank gave a mixed bag of performance in Q2FY24, with healthy profits driven by steady margins and sharper liquidity deployment during the quarter. Credit development picked up pace: but, deposit growth was muffled for the second quarter in a row, resulting in a more elevated C/D ratio of 94%, Motilal Oswal Financial Services stated. You are on the right page for more information about the news, so please read the complete article.
As far as we know, the brokerage stays watchful of deposit accumulation for the bank as it will be crucial to sustain healthy loan growth. Asset quality remains robust, with slippage decreasing further and recoveries remaining strong. It transformed its profit estimates by 1.7% and 2.1% for FY24 and FY25 and predicts a RoE of 1.9% and 16.6%. It had a Buy rating on the stock with a target cost of 1,150 for each share. The brokerage has a Buy rating on the stock with a target cost of 1,190 per share. Here we have shared all the information that we had if we get any information then we will update you soon. Stay tuned to us for more information.