CITI ON AXIS BANK ; BUY | TP ₹1,620

• Headline NIM impacted by FCNR drag, while core margins remained stable. • Slippages and credit costs moderated sequentially. • Underlying asset quality remains resilient. • Broad-based loan growth across segments continues to outpace industry growth. • Opex was elevated due to one-offs, weighing on PPoP.

AXIS BANK LIMITED

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