Axis Bank Q3 Net Profit rises 224% YoY

On Monday, private bank Axis bank posted a net profit of Rs. 3614 Cr. in Q3 FY 22. Its a 224% YOY compared to a profit of Rs. 1116 Cr. in Q3 FY 21. The lender posted a 15% growth in profit QoQ.

Its Net Interest income (NII) rose 17% (YoY) to Rs. 8653 Cr. Its Other Income also up to Rs. 3840 Cr., a 31% rise YoY. 

Its gross non-performing assets (NPAs) declined 138 basis points YoY and 36 basis points QoQ to 3.17%, while its Net NPAs down 28 basis points YoY and 17 basis points QoQ to 0.91%. 

The lender’s retail loans rose 18% YoY and 6% QOQ to Rs. 367494 Cr. They accounted for 55% of the net advances.

The stock performed very well on Tuesday. On a highly volatile day the stock started in an upward direction and it jumped 6.76% on NSE, at the end of the trade. On Tuesday, the stock closed at Rs. 752.20 on NSE.

Various brokerage firms set the following target price for the stock:

CLSA:   BUY rating  Target Price: Rs. 1,080 

Credit Suisse: Out Perform Call  Target Price: Rs. 960

Motilal Oswal: BUY Call Target Price: Rs. 975

Nomura: BUY rating Target Price: Rs. 980