The Board of Directors of Axis Bank Limited approved the financial results for the quarter and half year ended 30th September 2024 at its meeting held in Mumbai on Thursday, 17th October 2024.
This quarter, Axis Bank significantly advanced its digital agenda with pioneering future-ready solutions and customer-centric initiatives, both in the retail and wholesale banking spaces. Axis Bank exhibited the first-of-its-kind UPI-ATM, an integrated Android Cash Recycler with Unified Payments Interface (UPI) technology, for cardless cash withdrawal, deposits, and access to various banking products like savings account, loans, fixed deposits etc. In partnership with Visa, the Bank unveiled India’s first ultra luxury credit card, PRIMUS, with unparalleled access, personalised services and curated experiences for the most discerning of India’s elite.
Axis was one of the first banks to introduce ‘Bharat Connect (erstwhile BBPS) for Business’ in partnership with NPCI’s Bharat Bill Pay Limited (NBBL), to provide a comprehensive solution to businesses for efficiently managing their working capital needs at various stages of supply chain, and streamlining account receivables and payables. The Bank launched ‘neo for merchants’ in partnership with Visa and Mintoak, a one-stop solution for all business requirements of the merchant community. Axis Bank’s commitment to sustainability and financial inclusion was illustrated through its INR 1 billion loan to Muthoot Capital focused on e-mobility solutions. The Bank’s New Economy Group launched a suite of Corporate Credit Cards for startups, empowering them with customised benefits and solutions.
Axis Bank celebrated Sparsh Week 2024 to reaffirm its commitment to customer delight across 5,000+ of its branches. The week-long initiative included various customer-centric programs, employee engagements and exclusive offers. Axis Bank bagged a slew of industry accolades including – Best in Future of Trust at the IDC India Future Enterprise Awards, Derivatives House of the Year (India) at the Asia Risk Awards, Best Bank in India (Private Sector – Large) for Profitability, Risk Management and Asset Quality at the ICC Emerging Asia Banking Awards and CNBC-TV18 Risk Management Awards 2024.
Amitabh Chaudhry, MD&CEO, Axis Bank said, ‘This quarter we balanced digital prowess and advancement with physical expansion and proximity to our customers. We have opened 150 new branches in the last three months, both urban and rural. The Bank strengthened its regional presence by laying the foundation for a new Corporate Office in Kolkata, which will be the hub for all activities in the Eastern region. We also expanded our private banking business ‘Burgundy Private’ network to 15 new cities increasing its presence to 42 locations across India, offering bespoke wealth management services in India’s rapidly evolving Tier 2 markets.
- Net Interest Income grew 9% YOY, Net Interest Margin at 3.99%
- Fee income grew 11% YOY and 6% QOQ, Retail fee grew 11% YOY and 5% QOQ, granular fees¹ at 92% of total fees
- On a MEB², total deposits grew 14% | 2%, term deposits grew 21% | 4% on YOY | QOQ basis, CASA grew 4% YOY
- Net advances grew 11% YOY and 2% QOQ, Advances (gross of IBPC) up 12% YOY and 2% QOQ
- Retail loans grew 15% YOY, SME grew 16% YOY, Corporate loans (gross of IBPC³) grew 6% YOY
- Overall CAR stood at 16.61% with CET 1 ratio of 14.12%, net accretion to CET-1 of 38 bps in H1FY25, 6 bps in Q2FY25
- GNPA% at 1.44% declined by 29 bps YOY and 10 bps QOQ, NNPA% at 0.34% declined by 2 bps YOY
- Largest player in Merchant Acquiring with market share of 20%, incremental share of 36% in last one year
- Bank achieves no. 1 position in UPI Payer PSP space with a market share of ~31%
- H1FY25 Operating profit at 20,819 crore, up 19% YOY, PAT at 12,952 crores up 11% YOY
- H1FY25 Consolidated ROA at 1.80%, Consolidated ROE at 17.43%
