JPMORGAN ON AXIS BANK ; OVERWEIGHT | TP RAISED TO ₹1,620 FROM ₹1,590

• Q2 PAT beat estimates, supported by stronger NII and lower credit costs. • Attractive valuations support JPMorgan’s positive view. • Growth momentum remains healthy; core NIMs excluding FCNR showed marginal recovery. • Asset quality continues to improve.

AXIS BANK LIMITED

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