Axis Bank Ltd. (Q4 FY16): Some pain lies ahead – Accumulate
CMP: Rs480, 1-yr Target: Rs505, Upside: 5.2%
² Loan growth sturdy at 20% yoy; above-industry growth to continue
² Deposits mix improved significantly aided by strong traction in CASA
² Significant NIM expansion was a positive surprise; could correct over the next couple of quarters
² Fee growth moderates; strong NII growth aid in managing cost/income ratio
² Asset quality was stable in the quarter; however, significant pain lies ahead
² High near-term risks to earnings is likely to halt valuation re-rating; downgrade rating to Accumulate
Head of Research
IIFL
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