Stable NIM saves the day for Axis Bank, but deposits need a push
Axis has managed to close the margin gap with close peer ICICI Bank, whose NIM compressed by 25bps sequentially in Q2 to 4.53%.
A key highlight of Axis Bank’s September quarter (Q2FY24) result was expansion in net interest margin (NIM). Even though the overall NIM rose by a mere 1 basis point (bps) to 4.11%, in the backdrop of sequential rise in cost of funds, this is a positive. One basis point is 0.01%.
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