Axis Bank March quarter earnings impressed analysts. While the private lender beat Street estimates on profit riding higher treasury income and lower credit cost, asset quality continued to remain stable. At 7 per cent loan growth sequentially was, in fact, the highest for the bank since the March quarter of FY17, while the contingency cover of 1.9 per cent of loans was highest among its peers.
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Add to that the fact that retail disbursements have crossed pre-Covid levels. With a high provision coverage ratio, lower stress, and expectation of improvement in net interest margins, analysts are largely bullish on the stock.
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