Axis Bank has slowed down its incremental business for the quarter given the sluggish appetite for credit. The strategy of near-term measured caution holds the bank in good stead.
Easing of the systemic funding stress (faced during Q3FY09) Axis Bank has been able to improve it core operational performance with a 29% y-o-y growth in Net Interest Income (NII).
We maintain HOLD recommendation at current levels with a target price of Rs855.
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