Citi adds India's Axis Bank to 30-day positive catalyst watch on earnings optimism
BUZZ-Citi adds India's Axis Bank to 30-day positive catalyst watch on earnings optimism **Citi adds Axis Bank AXBK.NS to its 30-day positive catalyst watch
** Expects 1.7% RoA and 16% RoE, supported by roughly 40% y/y profit growth
** Citi expects bank to mobilise $10 billion-$11 billion in FCNR(B) deposits, more than 8% of industry-wide mobilisation
** Says lending against FCNR balances could help lift loans by more than 4%, underpinning 8%-9% sequential growth in loans and deposits
** Says bank well positioned to sustain profitability and earnings growth despite larger balance sheet
** Stock down about 1% at 1,210.40 rupees vs banks index's .NSEBANK 1.7% drop; Nifty 50 .NSEI down 1.3%
** Avg rating of 41 analysts is "buy"; median PT 1,580 rupees - LSEG-compiled data
** YTD, AXBK down 4.6% vs .NSEBANK's 8.3% drop
(Reporting by Kashish Tandon in Bengaluru)