"Axis Bank has improved its asset quality, NIM, and profitability in the past few years. The bank has also changed gears in building digital infrastructure and has made investments in the same. The bank's ongoing efforts to expand its asset portfolio in a targeted way (retail loans make up 57% of the total book), focus on the mobilization of low-cost granular deposits, declining credit costs, margin expansion, and an improved return ratios matrix are encouraging signs for future growth in earnings."