Axis Bank announces Q1FY25 core operating profit of Rs 9,637 cr up 16% YOY

-Net Interest Income grew 12% YOY and 3% QOQ

-Fee income grew 16% YOY, Retail fee grew 18% YOY, granular fees2 at 93% of total fees

-Operating cost growth moderated to 11% YOY and declined sequentially, PAT at `6,035 crores up 4% YOY

-On a QAB3, total deposits grew 14% | 3%, term deposits grew 21% | 4%, CASA grew 4%| 3% on YOY | QOQ basis, respectively

-Total advances grew 14% YOY, Retail loans grew 18% YOY, SME grew 20% YOY, Corporate loans grew 6% YOY

-Overall CAR stood at 16.65% with CET 1 ratio of 14.06%, net accretion to CET-1 of 32 bps in Q1FY25

-GNPA% at 1.54% declined by 42 bps YOY, NNPA% at 0.34% declined by 7 bps YOY

~1 million credit cards issued in Q1, CIF market share4 of ~14%, card spends up ~12% YOY

-Largest player in Merchant Acquiring with market share of 21%, incremental share of 45% in last one year4

-Citi integration completed successfully in July 2024

 

The Board of Directors of Axis Bank Limited approved the financial results for the quarter ended 30th June 2024 at its meeting held in Mumbai on Wednesday, 24th July 2024. This quarter, Axis Bank's focus on collaboration continued to drive innovation. A leader in the acquiring business, Axis Bank partnered with Mastercard to launch NFC Soundbox, an industry-first proposition for the merchant community that enables them to accept various payment methods. It expanded its omni-channel shopping segment through its Credit Card partnership with Shoppers Stop, offering an enriching online and offline shopping experience.

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Axis Bank is constantly working to empower the agricultural sector and the farmer community. The Bank signed an MOU with VST Tillers Tractors to offer financial solutions to farmers for purchasing equipment through its extensive branch network. To boost insurance penetration and financial inclusion, Axis Bank joined forces with Bajaj Allianz General Insurance offering a comprehensive suite of General Insurance products.

The Bank continues to advance its commitment towards CSR and Sustainability, Diversity and Inclusion. Axis Bank Foundation launched its first artisan-focused, nation-wide skill-development initiative, aiming to equip over 300 rural artisans. The Bank was recognised with two titles by the Asia Book of Records for its nationwide cleanliness drive 'Open for the Planet Clean-A-Thon'. It launched 'ARISE ComeAsYouAre', a program that focuses on skill-based hiring, welcoming dynamic LGBTQIA+ individuals into its fold.

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Axis Bank garnered a multitude of accolades including ‘The Asian Banker - Global Financial Technology Innovation Awards 2024’ for Best API and Open Banking Implementation and Best Mobile Banking Technology Implementation; ‘Digital CX Awards 2024’ for Best Wholesale Bank for APIs and the ‘Infosys Finacle Innovation Awards 2024’ in 5 categories.

Amitabh Chaudhry, MD&CEO, Axis Bank said, ‘The last quarter was crucial in terms of getting all the teams to work together for the last leg of Citi integration. I am delighted that the integration is done and it was largely seamless given the size and scale of the transition. I am thankful to the teams who worked tirelessly in making this possible, and to our 2 million new customers for keeping their trust and faith in us.

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