Axis Bank Stock Price Today :There is a strong rise in the shares of private sector bank Axis Bank today. Today this banking stock strengthened by about 4 percent and reached the price of Rs 1176 and today it has become the top gainer of Sensex 30 in the morning trading. The stock of Axis Bank closed at Rs 1132 on October 17, 2024. The bank had released its results for the September quarter on Thursday, which the market has liked. The bank’s profit has increased by 18 percent on annual basis to Rs 6918 crore. There has been 24 percent growth in operating profit and 9 percent growth in net interest income. After the results, the brokerage house has given the target price of the share up to Rs 1400.
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Brokerage House Rating and Target Price
share mine
Rating: Buy
Target price: Rs 1400
Return: 24%
Motilal Oswal
Rating : Neutral
Target price: Rs 1225
Returns: 8%
bernstein
Rating : outperform
Target price: Rs 1250
Return: 10%
Nuwama
Rating: Buy
Target price: Rs 1335
Return: 18%
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Axis Bank in strong position
Axis Bank has declared better results in the second quarter, which shows its strong financial position. The bank’s focus is not only on expanding digital services but also on increasing its reach in rural and urban areas. The results of this quarter reflect the stability and growing strategy of the bank. Brokerage house Bernstein says that credit cost has improved on a quarterly basis, the bank has maintained tight cost control. At the same time, increase in non-interest income is also a positive sign. Although loan growth has slowed down, return on assets stood at 1.8 percent due to slowdown in operational expenditure. Brokerage house Nuvama says that there is improvement in asset quality and net interest margin has also improved. Slippages have reduced and recovery has also improved.
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How were the bank results?
Axis Bank’s net profit increased by 18 percent to Rs 6918 crore in the September quarter. Whereas the operating profit of the bank increased by 24 percent to Rs 10,712 crore. The net interest income of the bank stood at Rs 13483 crore with a growth of 9 percent on annual basis. Whereas the net interest margin remained stable at 3.99 percent. Fee income grew by 11 percent annually, while 6 percent on a quarterly basis and reached Rs 5508 crore. Total deposits grew by 14 percent on annual basis and 2 percent on quarterly basis.
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Total advances increased by 11 percent on annual basis and 2 percent on quarterly basis to Rs 9,99,979 crore. A growth of 15 percent was seen in retail loans. Whereas an increase of 16 percent was recorded in SME loans. Gross NPA decreased to 1.44 percent, while net NPA decreased to 0.34 percent. The bank opened 150 new branches during the September quarter, taking the total number of branches to 5577.
(Disclaimer: The view or advice on the share is given by the brokerage house. These are not the personal views of Financial Express. There are risks in the market, so take expert opinion before investing.)