Axis Bank becomes the fifth Indian lender to cross Rs 3 trillion market-cap

Earlier, HDFC Bank Ltd, ICICI Bank Ltd, State Bank of India and Kotak Mahindra Bank have touched this milestone.

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Axis Bank Ltd became the fifth Indian lender to cross Rs 3 trillion market capitalisation after its shares hit a fresh record high. The stock gained for ten out of eleven sessions and rose nearly 7 percent during this period.

The stock hit a record high of Rs 981.25 on BSE and rose as much as 1.2 percent intraday with its market cap hitting at Rs 3.01 trillion. At 12.30 pm, Axis Bank was trading at Rs 978 on BSE, up 1 percent from its previous close. Year to date, Axis Bank gained nearly 5 percent.

Earlier, HDFC Bank Ltd, ICICI Bank Ltd, State Bank of India and Kotak Mahindra Bank have touched this milestone.

Also read: Which are Jefferies’s top stock ideas for this June?

Axis Bank reported a significant net loss of Rs 5,728.42 crore for the March quarter due to a one-time impact resulting from the acquisition of Citibank’s India consumer business and the non-bank consumer business of Citicorp Finance Ltd.  The bank delivered a strong show in NIM with an expansion of 30bp QoQ to 4.26 percent.

Axis Bank’s acquisition of Citibank’s India consumer business and the non-bank consumer business of Citicorp Finance Ltd was carried out at a cash value of Rs 11,949 crore. However, when taking into account the additional costs associated with harmonizing provisioning policies, operating expenses, and one-time acquisition expenses, the total impact on Axis Bank during the quarter amounted to Rs 12,489.82 crore.

“We see 16 percent CAGR in earnings (adj. for goodwill write-off due to the acquisition of Citi India’s retail business in FY23) over FY23-26 led by top-line growth and some cost synergies. Valuations at 1.8x FY24 adjusted PB are attractive and at a 30 percent discount to ICICI Bank. Hence, we see scope for rerating & maintaining our Buy call & target price of Rs 1,150, including the value of bank at 1.9x Mar-25 adjusted PB,” said Jefferies India in its note to investors.

During the fourth quarter, Axis Bank witnessed an improvement in asset quality. The gross non-performing asset (NPA) ratio decreased by 36 basis points (bps) quarter-on-quarter, standing at 2.02 percent. Similarly, the net NPA ratio showed improvement, declining by 8 basis points sequentially to reach 0.39 percent. Gross slippages, which refer to loans turning into NPAs, amounted to Rs 3,375 crore during the quarter, a decrease from Rs 3,807 crore a year ago. Notably, recoveries and upgrades from NPAs in the quarter totaled Rs 2,699 crore.

According to Jefferies India, during the first and second quarters of FY24, Axis Bank will see a compression in margins as the lagged impact of the increase in funding costs unfolds. A significant portion of this impact will be upfronted during these quarters. However, beyond this period, the net interest margins (NIMs) are anticipated to normalize, approaching levels similar to those seen in FY23 for the full year.

“Axis delivered a stable performance in 3QFY23, driven by margin expansion, high other income and improving cost metrics. Business growth was healthy, led by the corporate segment. Asset quality continued to improve, even as slippages increased marginally, compensated by healthy recoveries and upgrades. The restructured book moderated further, while a higher provisioning buffer provided comfort,” said Motilal Oswal in its recent note.