*Axis Bank Ltd. -S* | *CMP* Rs. 710 | *M Cap* Rs. 200229 Cr | *52 W H/L* 828/623
(Nirmal Bang Retail Research)
*Result is below expectations*
Net Interest Income came at Rs. 6453 Cr vs expectation of Rs. 6371.6 Cr, YoY Rs. 5603.7 Cr, QoQ Rs. 6101.8 Cr
Non Interest Income came at Rs. 3786.6 Cr vs expectation of Rs. 3555 Cr, YoY Rs. 4000.7 Cr, QoQ Rs. 3895.8 Cr
PBP came at Rs. 5742.7 Cr vs expectation of Rs. 6010.3 Cr, YoY Rs. 5524.7 Cr, QoQ Rs. 5951.6 Cr
Provisions came at Rs. 3470.9 Cr vs expectation of Rs. 2960.4 Cr, YoY Rs. 3054.5 Cr, QoQ Rs. 3518.4 Cr
Adj. PAT came at Rs. 1757 Cr vs expectation of Rs. 2073.4 Cr, YoY Rs. 1680.9 Cr, QoQ Rs. -112.1 Cr
Gross NPA came at Rs. 30073 Cr vs QoQ Rs. 29071.4 Cr at 5% vs QoQ 5.03%
Net NPA came at Rs. 12160.3 Cr vs QoQ Rs. 11138.3 Cr at 2.09% vs QoQ 1.99%
Quarter EPS is Rs. 6.2
Share is trading at P/E of 28.2x FY20E EPS & 2.7x trailing P/Adj. BV
Slippages came at Rs. 6214 Cr vs QoQ Rs. 4983 Cr with slippage ratio of 4.52% vs QoQ 3.82%
*Slippages from the loan book were Rs 5,124 Cr. In addition, slippages from the Investment book were at Rs. 1,090 Cr, largely from one Housing Finance Company account. Corporate slippages (including investment portfolio) stood at Rs. 3,891 Cr, of which 81% came from clients previously rated BB and below.*