Axis Bank’s operating metrics marginally missed out estimates in 4QFY19 led by lower than expected margin expansion and higher provisioning. Asset quality however improved with gross NPAs lower by 50 bps QoQ owing to lower slippages and healthy recoveries.
Hexaware Technologies (Hexaware) recorded an in-line revenue performance in 1QCY19, which came in at US$180mn (marginally above our estimate by 0.5%). This implies growth of 2.2% QoQ in USD terms, while in CC terms revenue rose by 2% QoQ.
HDFC Bank has reported largely an in-line performance in 4QFY19 with NII and net profit growing by 23% YoY each, while asset quality remained stable. Despite rising cost of funds and a sequential decline in CD ratio, its NIM increased for the quarter aided by change in portfolio-mix.
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