IIFL has recommended an add rating on Axis Bank with a 12-month price target of Rs 997 in its report dated August 14, 2009.
"Axis Bank has consistently delivered rapid, balanced and profitable growth for almost a decade. Fee income and low-cost deposit franchise are key strengths of the bank. Despite growing at a remarkable pace, the bank has managed asset quality well, with its incremental slippage rate for the past five years being lower than that of its peers. At the same time, its profit growth and RoE have been consistently ahead of its peers."
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