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Axis Bank re-rating to continue on steady NIMs, cheap valuation: Analysts

Re-rating of Axis Bank s stock may continue in the near-future, believe analysts, as the risk-reward on the stock remains favourable amid healthy financials.

The bullish stance comes after the Mumbai-based lender delivered a strong outperformance in the March quarter of fiscal year 2023-24 (Q4FY24) on core pre-provision profit and net profit, with improving asset quality.

Axis Bank s net interest margin (NIM) expanded, against expectations, even in a tough market. ....

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Paytm shifts nodal account to Axis Bank to ensure continuity of services

Fintech firm One97 Communications owner of the brand Paytm has shifted its nodal account to Axis Bank from Paytm Payments Bank.

The move will allow continuity of Paytm QR, Soundbox, card machine after the March 15 set by the Reserve Bank of India (RBI), as per a regulatory filing.

The RBI has advised customers and merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to other banks by March 15, giving 15 more days to the beleaguered entity to close most of its operations, including deposit and credit transactions. ....

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Valuation comfort likely to limit downside for Axis Bank's stock

Axis Bank s results for the fourth quarter of the 2022-23 financial year (Q4FY23) were skewed due to large one-off charges related to its acquisition of Citi s retail business.

Axis reported a loss of Rs 5,730 crore on account of exceptional items of Rs 12,350 crore (net of tax) towards Citi s acquisition, policy harmonisation etc.

Excluding this one-off, the adjusted net profit or profit after tax (PAT) would be Rs 6,630 crore, up 61 per cent year-on-year (YoY). ....

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