As of yet, Axis Bank has not released its financial report for the second quarter of the current fiscal year. But it is said that the bank will soon release its results for the quarter that ended in September. Ahead of Axis Bank second quarter’s results, the share price of the bank has come into focus. Investors have been keenly monitoring the share price of Axis Bank. To note, Axis Bank’s share price was trading flat when the market opened on Wednesday, October 25, 2023. Talking about the stock price of Axis Bank for today, opened at 963.45 apiece on BSE and after half an hour the share price showed a growth of 0.34 percent taking its value to Rs 966.70 apiece. In case, you are scrounging the web article to learn more about Axis Bank’s share price, the following sections are waiting for you. Keep reading this article for more details. Swipe down.
Equity Technical and Derivative Analyst at Angel One, Rajesh Bhosale said, “Axis Bank stock price has sharply corrected in last couple of week and now we are seeing a first Lower Top Lower Bottom formation on the daily chart, In the near term we may see further correction in the near term with 940 as immediate next support, any bounce may face resistance around 1,000 levels,” Axis Bank, the private sector lender is anticipated to record reasonable profit growth along with a hiked in net interest income. However, it is also predicted that the margins will remain under pressure and the same with a wider trend in the banking industry as a whole.
The overall credit growth of the banking industry reportedly remained strong at 15 percent YoY in the second quarter of the current fiscal year. It is mainly driven by unsecured loans and a slight improvement in corporate credit. To note, the discontinuation of Rs 2,000 banknotes by the RBI and banks offering higher term deposit rates, assisted in speeding up deposit growth to 13 percent YoY. This is projected to support financing costs together with accelerating CASA cannibalization.
Axis Bank is expected to see a 12 percent year-on-year (YoY) rise in its net profit in the quarter ended September 2023 to Rs5,970 crore from Rs5,329.8 crore in the corresponding quarter of last year. The lender’s NII (Net Interest Income) in Q2FY24 is anticipated to surge by 15 percent from Rs10,360.3 crore to Rs11,914 crore, YoY whereas the NIM (net interest margin) is expected to be slightly lower sequentially due to the higher cost of funds.