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Axis Bank is the third largest private sector bank in India offering a vast
spectrum of services encompassing large and Mid-corporate Banking, SME
Banking, Agri-Business Banking, Retail Banking and International Banking. The
Bank has well established in both retail and corporate banking and is committed
to adopt the best industry practices internationally in order to achieve
excellence.
Healthy growth in loan book
In Q2FY11 the bank's loan book grew by 36.5% (Y/Y) on account of significant
growth in large and mid corporate loan book and retail advances. On sequential
basis, the bank's credit book expanded merely by 1.8%; major growth drivers
was larger & mid corporate. The bank’s advances expected to grow by 25% in
fy11.
Overseas Business
The Bank has five international offices with focus of corporate lending, trade
finance, syndication investment banking, risk management and liability
businesses. The total assets under overseas operations amounted to US$
3.79bn as on 30th September 2010 as compared to US$ 2.28bn as on 30th
September 2009, a growth of 66% YOY.
VALUATION
At the current price of Rs. 1279, the stock is trading at just 16.63x and
13.02x times of our estimated FY11E & FY12E earning. We thus
recommend a “BUY” with a target price of Rs. 1580.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Axis Bank is the third largest private sector bank in India offering a vast
spectrum of services encompassing large and Mid-corporate Banking, SME
Banking, Agri-Business Banking, Retail Banking and International Banking. The
Bank has well established in both retail and corporate banking and is committed
to adopt the best industry practices internationally in order to achieve
excellence.
Healthy growth in loan book
In Q2FY11 the bank's loan book grew by 36.5% (Y/Y) on account of significant
growth in large and mid corporate loan book and retail advances. On sequential
basis, the bank's credit book expanded merely by 1.8%; major growth drivers
was larger & mid corporate. The bank’s advances expected to grow by 25% in
fy11.
Overseas Business
The Bank has five international offices with focus of corporate lending, trade
finance, syndication investment banking, risk management and liability
businesses. The total assets under overseas operations amounted to US$
3.79bn as on 30th September 2010 as compared to US$ 2.28bn as on 30th
September 2009, a growth of 66% YOY.
VALUATION
At the current price of Rs. 1279, the stock is trading at just 16.63x and
13.02x times of our estimated FY11E & FY12E earning. We thus
recommend a “BUY” with a target price of Rs. 1580.
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