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Axis Bank targets credit growth 300 bps above industry, led by gold loans and SMEs
Axis Bank expects credit growth to outpace the Indian banking industry by 300 basis points, driven by corporate lending, small businesses and retail gold loans. It reported higher June-quarter profit and is evaluating future listings for Axis Max Life and Axis Finance.
Reported figures
From the report. Source details below
| Standalone June-quarter net profit: | Rs 71.14 billion, versus Rs 58.06 billion a year earlier |
|---|---|
| Net interest income rose 8% to | Rs 146.46 billion |
| Net interest margin expected to bottom near | 3.5% |
| Axis Finance assets exceed Rs 500 billion; listing considered after reaching | Rs 1 trillion |
Also in the report
- India banking-sector credit growth was 18.3% year-on-year in June, versus 9.3% a year earlier
- Gold loans rose 94% year-on-year in June
Other figures
- Domestic loans rose 19%