Fairwealth Securities has maintained its buy rating on Axis Bank with a price target of Rs 1580 in its report dated January 19, 2011.

At the current price of Rs. 1279, the stock is trading at just 16.63x and 13.02x times of the approximated FY11E & FY12E earning.

The third biggest private sector banking institution in the country is well set up in both retail as well as corporate banking and is dedicated to take on the finest industry practices globally to attain excellence.

In Q2FY11, Axis Bank's loan book increased 36.5% yoy on the back of sturdy growth in large and mid corporate loan book and retail advances. On sequential basis, the bank's credit book grew just 1.8%. The bank's advances are likely to go up by 25% during the FY11.

Axis Bank owns 5 global offices with focus of business lending, business finance, syndication investment banking, risk management plus liability businesses.

Overall assets under global operations remained at US$ 3.79 billion as on 30 September 2010 as against US$ 2.28 billion during the same period of 2009.

Axis Bank has a total network of more than 1200 divisions and over 4900 ATMs across India.

The arms, spread across 680 cities as well as towns, permit Axis Bank to stretch out to a large cross section of clients with different products and services catering to both the retail and corporate sections.

Axis Bank declared an around 2067 crore, all stock agreement to get hold of the investment banking and equity business of Enam Securities Ltd. The said agreement consists of the investment banking biz, business advisory services in addition to equity distribution division of Enam Securities.

During the last year, Axis Bank recorded a sturdy growth in biz volumes plus profit, with the net profit growing by 38.51% to Rs 2514.53 crore as against Rs 1815.36 crore durig the same period of last fiscal.

As on March 2010, the bank's total deposits surged 20.38% to Rs 141300.22 crore and total advances climbed 27.94% to Rs 104343.12 crore.

Net profit of Bank during Q3FY11 came up to 891.36 crore as against 655.98 crore during Q Q3FY10, recording an increase of 35.88% yoy.

Axis Bank started following out its rustic growth plans and proposes to cover 5500 villages for financial inclusion by March this year and take it up to 12000 villages by the nest five years.

The banking institution begun its financial inclusion plans in villages situated near Nashik, Maharashtra and Darjeeling in West Bangal.