Elevated credit costs from technical impact
Credit costs rose to 1.38% (1.09% adjusted) due to technical recognition changes, and management declined to provide FY26 guidance, leaving uncertainty on normalization pace.
AXISBANK / Q1-FY26 / risks
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Axis Bank · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
NIM compression from repo rate cuts
Full impact of 75bps repo rate cut will flow through in Q2 FY26, pressuring NIM further, with management only guiding on a two-cycle basis rather than quarterly.
Retail asset quality normalization timeline
Despite improving early indicators, management has not called a peak in personal loan slippages, and elevated retail slippages may persist longer than expected.