Axis Bank Q2 Results Review - Growth Outlook Remains Bleak For FY25: Systematix

Systematix Research Report

Axis Bank Ltd. reported Q2 FY25 profit after tax of Rs 69 billion (+15% QoQ, +18% YoY) which was mainly supported by higher other income and moderate opex growth.

Net interest income growth was flat QoQ, +9% YoY due to muted loan growth (11.4% YoY versus 13% system growth) stemming from CDR (93%) pressures and the bank prioritised profitability over growth.

Margins (ex IT refund benefit in Q1) were broadly stable QoQ. The bank had a tax write-back of Rs 5.5 billion which was utilized to make prudent provisions of Rs 5.2 billion on off-book assets.

Retail slippages remained elevated due to stress in unsecured credit, albeit the portfolio quality remains within internal guardrails.

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