Accumulate Axis Bank; target of Rs 600: Dolat Capital Market

Dolat Capital Market's research report on Axis Bank

Axis bank reported better than expected NII and PPoP growth of 20% and 16% YoY respectively led by higher NIM, robust fee income and elevated treasury gains. Bank made additional COVID provisions of Rs31 bn in Q2FY21, taking the overall standard provision buffer to 1.9% of loans or Rs108bn (ex of specific and general provisions).

Outlook

Rolling over our estimates to Sep-22E, we maintain ACCUMULATE rating with revised TP of Rs600, implying an unrevised multiple of 1.7x Sep-22E P/ABV.

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