The Economic Times daily newspaper is available online now.

    Buy Axis Bank, target price Rs 1130: ICICI Securities

    Synopsis

    Axis Bank, incorporated in the year 1993, is a banking company (having a market cap of Rs 278591.10 Crore).

    Buy Axis BankETMarkets.com
    Maintain BUY with an unchanged target price of Rs1,130 assigning 2.3x FY24E book.
    ICICI Securities has buy call on Axis Bank with a target price of Rs 1130. The current market price of Axis Bank is Rs 909.


    Axis Bank, incorporated in the year 1993, is a banking company (having a market cap of Rs 278591.10 Crore).

    Axis Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2022.

    Financials
    For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 28083.94 Crore, up 11.18 % from last quarter Total Income of Rs 25258.80 Crore and up 27.13 % from last year same quarter Total Income of Rs 22091.19 Crore. The bank has reported net profit after tax of Rs 6187.38 Crore in latest quarter.

    Investment Rationale
    Going forward, given moderate balance sheet expansion (3% QoQ / 10% YoY), the brokerage believes Axis needs to accelerate its retail TD engine to support asset growth with the C/D ratio now at 90%. Also, sustained efforts are needed to drive ‘cost to assets’ below 2% in the medium term. NIMs settling much higher than the steady-state guidance and growth in focused segments would sustain current earnings trajectory.



    (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in