BERNSTEIN ON AXIS BANK ; OUTPERFORM | TP ₹1,600

• Loan growth reached 23% YoY, driven by 34% growth in corporate advances. • Deposits grew 21% YoY, largely led by time deposits. • Loan-to-deposit ratio increased to 95%; borrowings rose 15% QoQ. • EPS jumped 37% YoY, helped by a 52% decline in credit costs. • RoA declined ~13 bps QoQ to ~1.4%. • High loan-to-deposit ratio and elevated borrowings could create near-term margin pressure.

AXIS BANK LIMITED

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