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Axis Bank Q3FY26
27 Jan 2026, 10:27AM

  • Though asset quality was stable as NPA ratios declined q-o-q, technical impact drove up slippages.
  • Fall of 9 bps q-o-q in NIM was lower than expectations on compressed spreads and interest reversals.
  • PAT rose 27.5% q-o-q and 2.9% y-o-y (above estimates) owing to lower opex and total provisions.
  • Loan growth showed improved loan traction on y-o-y basis and is expected to remain above industry in medium-long term.We have BUY rating on the stock.

 

Particulars

Q3FY26

Q3FY25

YoY

Q2FY26

QoQ

 

Net Interest Income

14,287

13,606

5.0%

13,744

3.9%

Other income

6,226

5,972

4.2%

6,625

-6.0%

Net Income

20,512

19,578

4.8%

20,369

0.7%

Opex

9,637

9,044

6.5%

9,957

-3.2%

Operating Profit

10,876

10,534

3.2%

10,412

4.4%

Provisions

2,246

2,156

4.2%

3,547

-36.7%

PAT

6,490

6,304

2.9%

5,090

27.5%

 

         

Advances

11,59,052

10,14,564

14.2%

11,16,703

3.8%

Deposits

12,60,786

10,95,883

15.0%

12,03,487

4.8%

 

         

NIMs %

3.64

3.93

-29 bps

3.73

-9 bps

GNPA %

1.40

1.46

-6 bps

1.46

-6 bps

NNPA %

0.42

0.35

7 bps

0.44

-2 bps

PCR %

70.0

76.2

-621 bps

70.5

-48 bps

 

Actual versus estimates 

Particulars

Q3FY26

Q3FY26E

Var

Net Interest Income

14,287

14,081

1.5%

Operating Profit

10,876

10,732

1.3%

PAT

6,490

6,130

5.9%

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