The shares of Axis Bank Ltd have made a new 52-week low of  ₹621.25 as of Wednesday. The stock is currently trading at  ₹625.55 as of IST 13:45. The share is at a discount of 27.87% from its 52-week high

The RSI indicator on the daily charts is at 31.48 points, which indicates that the shares of the company are in the oversold zone.

Even though the shares of the company have witnessed a decline, the company has given good prospects on a long-term basis.

In March, Axis Bank announced that it has acquired Citigroup’s retailing banking business in India for ₹12,325 crores. Post the acquisition, Axis Banks’ customer base will increase to approximately 2.85 crore savings accounts, over 2.3 lakh Burgundy customers and 1.06 crore cards.

Moody’s has reported the Baa3 deposit ratings of Axis Bank Ltd. Moody’s has upgraded the Banks baseline credit assessment from baa1 to baa3. This indicates that the bank has improved its credit fundamentals and asset quality,  

Moody’s has stated in its rating rationale that the bank’s asset quality has improved considerably, with both gross and net non-performing loan ratios declining. It has also stated that the bank’s provision coverage has expanded and credit prices have decreased. Higher profitability has resulted from lower credit costs.

For FY22 the company reported consolidated net revenue of ₹86,114  crores which is an increase of 6.5% compared to the previous financial year. Net profit for FY22 stood at ₹14,164 crores which is an increase of 95% compared to the previous financial year. 

The dip in the provisions has contributed more to the profit growth of the bank than its income line. The overall provisions came at ₹7,437 crores as against ₹16,996 crores in the previous financial year. The Bank has also decreased its Net NPA from 1.05 in the previous financial year to 0.73 in the current financial year.

HDFC Securities has given a buy call on AXIS bank with a target of ₹996 for the duration of one year.

Written by: Aaron vas


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