Axis Bank reported strong advances and deposit growth, with brokerages Goldman Sachs and Citi maintaining buy ratings

Tue 6 Oct 2026

Advances growth YoY

23 percent

Advances growth QoQ

9 percent

Deposits growth YoY

20.7 percent

Deposits growth QoQ

5.8 percent

FCNR(B) deposits

10.62 billion dollars

Heard on business television between 12:22:27 - 12:25:27 IST.

• Advances grew around 23% year-on-year and 9% quarter-on-quarter, deposits grew 20.7% year-on-year and 5.8% quarter-on-quarter.
• A meaningful part of growth came from 10.62 billion dollars of FCNR(B) deposits, but core business still grew around 19% after stripping out the leveraged overseas book.
• CASA ratio slipped to around 36.5%, flagged as the weaker point in liability mix.
• Goldman Sachs has a buy rating with a target of 1477, Citi has a buy with a target of 1620.
• Brokerages said the worst of cyclical headwinds is behind Axis, with retail, SME and mid-corporate growth expected to support recovery in core earnings.

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