Axis Bank stock post Q1 results? Buy, Sell or Hold?

Net interest income (NII) grew by 19.5 percent year-on-year to Rs 6,985.3 crore in the quarter.

Axis Bank share price rose 8 percent in the early trade on July 22 after the company reported its first quarter earnings.

The company has reported an 18.8 percent year-on-year decline in standalone profit for the June quarter to Rs 1,112.17 crore compared to Rs 1,370.08 crore in the corresponding period last year.

Net interest income (NII) grew by 19.5 percent year-on-year to Rs 6,985.3 crore in the quarter, with strong loan growth of 17 percent (including TLTRO investments) and deposits growth of 19 percent on a quarterly average basis (QAB).

The private lender's savings account deposits grew 15 percent YoY, current account deposits 8 percent and retail term deposits (RTD) were up 27 percent on QAB basis while including TLTRO (Targeted Long Term Repo Operations) investments, corporate loans grew 26 percent and retail loans 16 percent.

Here's what brokerages are saying about the stock and the company:

Credit Suisse | Rating: Outperform | Target: Raises to Rs 550 from Rs 450

CLSA | Rating: Buy | Target: Raised to Rs 600 from Rs 580

Jefferies | Rating: Buy | Target: Raised to Rs 550 from Rs 530

Prabhudas Lilladher | Rating: Hold | Target: Rs 480

Motilal Oswal | Rating: Buy | Target: Rs 600

Source - Moneycontrol

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