CLSA has maintained its “Outperform” rating on Axis Bank with a target price of Rs 1,400, indicating a potential upside of 15.2% from the current market price of Rs 1,214.95.
The bank reaffirmed its focus on profitable growth by targeting NRIs and affluent clients for deposits and enhancing branch productivity. Axis Bank also aims to strengthen partnerships for more granular deposit growth.
The company highlighted that the current credit costs in FY24 are unsustainable, and the Q1 net credit cost of 0.97% does not reflect expectations for FY25.
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Axis Bank