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Below is quote on Axis Bank by Mr. Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd   

Axis Bank reported an 11.1% YoY increase in Net interest income to Rs. 7,760 crore while NIMs for the quarter stood at 3.46%. Other income for the quarter was up by 38.7% yoy at Rs. 3,588 crore but as down by 23.1% qoq due to the second Covid wave. Pre provisioning profits for the quarter was up by 9.8% yoy to Rs. 6,416 crore. Provision for the quarter was down by 20% YoY to Rs. 3,532 crore while the bank reported a profit of Rs. 2160 crore up by 94.2% yoy. NII growth was driven by strong advances growth of 9.5% yoy while deposits registered a growth of 13.6% yoy. CASA deposits accretion remained robust and was up by 0.0% yoy while CASA ratio improved by 227bps yoy to 43.1%. there was limited impact of the second Covid wave on asset quality as  GNPA and NNPA wer up marginally to 3.85% and 1.20% of advances as compared to 3.70% and 1.05% of advances in Q4FY21. Moreover standard restructured loans under resolution framework for COVID-19 related stress stood at 0.33% of the gross customer assets and constituted a very small part of the book. Overall Axis bank posted a strong set of numbers especially on the asset quality front. Post the Q1FY22 numbers we maintain our positive outlook for the Bank and it remains one of our top picks in the large cap banking space.

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