Axis Bank - Q4FY17 - Worst for the bank could get over in near term, better days ahead: Angel Broking

Views of Mr. Siddharth Purohit (Sr. Equity Research Analyst- Banking, Angel Broking):

"Axis bank's Q4FY17 results have been encouraging. After witnessing deterioration in asset quality for last few quarters the bank has started showing some sign of improvement. Though in absolute numbers the slippages still remained high, the comforting factor is that nearly 74% of the total slippages came from the watch list. In Q3FY17 43% of the banks gross slippages were from the non watch list accounts and that had emerged as a concern, but the same has come down to 26% for Q4FY17 and we believe that lends some comfort. Further the growth in business has picked up during the quarter and we believe FY18 to be a better year for Axis Bank and with improving outlook the stock can get re-rated. We have a BUY rating on the stock."

Shares of AXIS BANK LTD. was last trading in BSE at Rs.517.3 as compared to the previous close of Rs. 515.15. The total number of shares traded during the day was 837508 in over 11692 trades.

The stock hit an intraday high of Rs. 524.4 and intraday low of 508.65. The net turnover during the day was Rs. 433796757.

Source : Equity Bulls

Keywords