Geojit recommended has given Is bullish on Axis Bank recommended buy recommendation for Axis Bank recommended buy rating on the stock with a target price of Rs 828 in its re with a target price of Rs. 828 in its research report issued on May 09, 2022

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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