India's Axis Bank drops ahead of Q2 results
** Shares of Axis Bank AXBK.NS fall 0.9% to 1,143.40 rupees ahead of Q2 results
** Analysts on avg expect AXBK's Q2 profit to rise 11% to 65.27 bln rupees (~$777 mln), per LSEG data
** Analysts expects softer Q2 earnings for banks on lower net interest margin, higher credit costs and slower loan growth
** Jefferies says AXBK has seen softer deposit growth which may drag credit growth as well
** Elara Capital expects a softer Q/Q loan growth for AXBK and a 34 bps drop in NIM as funding cost rose
** Avg rating of analysts covering AXBK at "buy"; median PT is at 1,400 rupees - LSEG data
** Stock up ~4% YTD vs Nifty 50 index's .NSEI ~15% gain and a ~11% rise in Nifty financial services index .NIFTYFIN
($1 = 84.0050 Indian rupees)
Reporting by Dimpal Gulwani in Bengaluru
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