JEFFERIES ON AXIS BANK ; BUY | TP ₹1,700

• Q2 core performance ahead; loan-mix rebalancing could support higher ROE. • Results beat estimates on better topline and lower provisions. • Core NIMs were stable QoQ, though FCNR-B drag was slightly higher than expected. • Asset quality continues to improve. • Better NIMs and lower credit costs could lift ROE next year.

AXIS BANK LIMITED

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