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Axis Bank Ltd.’s asset quality remain stable with gross non performing asset at 3.85% versus 3.7% q-o-q (as per Income recognition and asset classification norms) led by write offs (Rs 34 billion versus 55.5 billion q-o-q); however slippage ratio remain high (4.2% versus 3.4% q-o-q).
BB & below book grew by 3% q-o-q and restructured assets stood at 0.3% of customer assets lower than its peers are key positives during the quarter.
Profit after tax grew by 94% q-o-q led by lower provisions (down 20% q-o-q).
Net interest income grew by 11% y-o-y led by decline in net interest margins at 3.46% (3.56% q-o-q).
With management change behind, strong capital in place and focus on secured retail portfolio, Axis Bank would see better revival in growth within the sector.
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