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Axis Bank

By Angel Broking 

Thursday, January 17, 2013
     

Angel Broking is bullish on Axis Bank and has recommended buy rating on the stock with a target price of 1,414.60 in its January 15, 2013 research report.

Axis Bank, during the third quarter of the financial year 2013, reported a healthy growth in business, with advances and deposits registering a growth of 20.7 percent and 17.2 percent year on year, respectively. Growth in the loan book was primarily on account of robust traction witnessed in the retail loan book, particularly home and auto loan segments. Growth in the large and mid-corporate segment remained moderate at 12.5 percent year on year. Current Account & Savings Account (CASA) deposits grew by a moderate 12.7 percent year on year, aided by a strong growth of 21.6 percent in savings deposits, even as current deposits grew at a subdued pace of 2.0 percent year on year. Overall, the reported Net Interest Margin (NIM) improved by 11base point’s quarter-on-quarters to 3.57 percent, largely on account of improvement in the yields. The bank registered moderate growth in its non-interest income excluding treasury, largely driven by a healthy growth in fee income from the Retail and Agriculture & Small & Medium Enterprises (SME) segments.

Currently, Axis Bank is being traded at 1,414.60. Its 52 week high is 1,429.45 and 52 week low has been 922.00.