External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Axis Bank’s (AXSB) Q2FY26 earnings missed our estimates on account of a one-off RBI-mandated standard asset provisioning to the tune of INR12bn for two discontinued crop loan products, adversely impacting RoA by 11bps</li><li>Loan growth (~12%YoY) saw an uptick, driven by wholesale, business banking, LAP, and credit card segments, coupled with a positive surprise on NIMs, driven by lower cost of funds</li><li>Deposit growth (~11% YoY) was in line with industry, even as the CASA ratio dipped further to 39.8% (-50bps QoQ)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Bank’s (AXSB) Q2FY26 earnings missed our estimates on account of a one-off RBI-mandated standard asset provisioning to the tune of INR12bn for two discontinued crop loan products, adversely impacting RoA by 11bpsLoan growth (~12%YoY) saw an uptick, driven by wholesale, business banking, LAP, and credit card segments, coupled with a positive surprise on NIMs, driven by lower cost of fundsDeposit growth (~11% YoY) was in line with industry, even as the CASA ratio dipped further to 39.8% (-50bps QoQ)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Bank - Technical Episodes Dominate Business Fundamentals

Thematic (Sector/Industry)

<ul><li>Axis Bank: Axis Bank’s (AXSB) Q3FY26 earnings marginally beat our estimates on the back of strong growth on both sides of the balance sheet, reversal of tax expense (utilized to create provisioning buffer of INR20bn), and lower provisioning, offset by soft operating performance</li><li>Loan growth (18.5% YoY, 6% QoQ) was healthy, driven largely by wholesale and SME segments</li><li>Deposit growth (~14% YoY, 6% QoQ) was healthy, with CASA ratio improving to 39.6% (+49bps QoQ)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Bank: Axis Bank’s (AXSB) Q3FY26 earnings marginally beat our estimates on the back of strong growth on both sides of the balance sheet, reversal of tax expense (utilized to create provisioning buffer of INR20bn), and lower provisioning, offset by soft operating performanceLoan growth (18.5% YoY, 6% QoQ) was healthy, driven largely by wholesale and SME segmentsDeposit growth (~14% YoY, 6% QoQ) was healthy, with CASA ratio improving to 39.6% (+49bps QoQ)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>India’s financial sector has remained resilient amid global uncertainties but rising geopolitical tensions, particularly conflicts affecting energy markets and trade flows, pose both challenges and opportunities</li><li>Banks and NBFCs are navigating a complex landscape shaped by external shocks, domestic elections, inflationary pressures, and evolving policy responses</li><li>The RBI has maintained a calibrated approach, balancing inflation control with growth support</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India’s financial sector has remained resilient amid global uncertainties but rising geopolitical tensions, particularly conflicts affecting energy markets and trade flows, pose both challenges and opportunitiesBanks and NBFCs are navigating a complex landscape shaped by external shocks, domestic elections, inflationary pressures, and evolving policy responsesThe RBI has maintained a calibrated approach, balancing inflation control with growth supportContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Leveraged Financials: Risk Premium on the Rise, Flight to Safety

<ul><li>Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity was partly offset by higher growth on both sides of the balance sheet</li><li>Healthy loan growth (16% YoY) was driven by mortgages, business banking, SME segments</li><li>Deposit growth (~14% YoY) was strong with CASA ratio at 41.3% (-101bps QoQ) and softer than usual traction in CA balances</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity was partly offset by higher growth on both sides of the balance sheetHealthy loan growth (16% YoY) was driven by mortgages, business banking, SME segmentsDeposit growth (~14% YoY) was strong with CASA ratio at 41.3% (-101bps QoQ) and softer than usual traction in CA balancesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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India

Axis Bank Limited provides a full range of banking services throughout India. The Group's activities include retail banking, investment management, merchant banking, treasury and NRI services, cash and credit management services, and ATM facilities.

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Axis Bank Ltd (AXSB IN)

Axis Bank - Technical Episodes Dominate Business Fundamentals

Loan growth (~12%YoY) saw an uptick, driven by wholesale, business banking, LAP, and credit card segments, coupled with a positive surprise on...

HDFC Securities

HSIE Results Daily: Axis Bank, RBL Bank

Axis Bank’s (AXSB) Q3FY26 earnings marginally beat our estimates on the back of strong growth on both sides of the balance sheet, reversal of tax...

HDFC Securities

Leveraged Financials: Risk Premium on the Rise, Flight to Safety

Banks and NBFCs are navigating a complex landscape shaped by external shocks, domestic elections, inflationary pressures, and evolving policy...

HDFC Securities

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank, UltraTech Cement...

Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex...

HDFC Securities

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank, UltraTech Cement, IndusInd Bank...

Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity

HDFC Securities

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