Axis Bank, private sector bank in India, will be announcing its third quarter financial results today, Jan. 16, 2015.
Angel Broking expects the bank to report a healthy NII growth of 20.5% yoy to Rs 35.95 billion, primarily on back of healthy advance growth of 18% yoy. Non-interest income is expected to grow at 23.5% yoy at Rs 20.31 billion. Operating expenses are expected to increase by 17.9% yoy to Rs 23.75 billion, while provisioning expenses are expected to be higher by 99.9% yoy to Rs 4.05 billion.
''Hence, we expect the bank to report healthy growth of 18.0% yoy during the quarter to Rs 18.93 billion. At the CMP, the stock is trading at 2.4x FY2016E ABV. We recommend a BUY rating on the stock with a target price of Rs 597,'' it added.
Shares of the bank gained Rs 3.85, or 0.75%, to trade at Rs 518.00 at the BSE (10.16 a.m., Friday).