AXIS BANK ANNOUNCES FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH 2024

AXIS BANK ANNOUNCES FINANCIAL RESULTS
FOR THE QUARTER AND YEAR ENDED 31st MARCH 2024
FY24 PAT at `24,861 crores up 160% YOY, NIM at 4.07% up 5 bps YOY, Consolidated ROA at 1.84%, up 99
bps YOY; Consolidated ROE at 19.29% up 1,003 bps YOY; aided by balanced deposit and loan growth of
13% and 14%, respectively
o Q4FY24 Net Interest Income grew 11% YOY and 4% QOQ, Q4FY24 NIM1 at 4.06% up 5 bps QOQ
o Q4FY24 fee income grew 23% YOY | 9% QOQ, Retail fee grew 33% YOY | 12% QOQ, granular fees at 93% of total fees
o Q4FY24 Operating profit grew 15% YOY & QOQ, PAT at `7,130 crores up 17% QOQ
o Q4FY24 Consolidated ROA | ROE on annualized basis at 2.07% | 20.87%, up 23 bps | 226 bps QOQ
o Bank’s total business grew 13% | 5% of which advances grew 14% | 4% and MEB2 deposits grew 13% | 6% on YOY | QOQ basis
o MEB retail term deposits grew 17% YOY & 5% QOQ, CASA grew 8% QOQ with CASA ratio at 43%
o Retail loans up 20% | 7%, SME up 17% | 5% on YOY | QOQ basis, Corporate loans (gross of IBPC3 sold) up 7% YOY
o Overall CAR stood at 16.63% with CET 1 ratio of 13.74%, organic net accretion4
to CET-1 of 44 bps in FY24
o GNPA% at 1.43% declined by 59 bps YOY and 15 bps QOQ, NNPA% at 0.31% declined by 8 bps YOY and 5 bps QOQ
o 1.24 million credit cards issued in Q4, CIF market share3 of 14%, card spends up 50% YOY
o Largest player in Merchant Acquiring with market share of 19.8%, incremental share of 28% in last one year5
The Board of Directors of Axis Bank Limited approved the financial results for the quarter and year ended 31st March 2024 at its
meeting held in Mumbai on Wednesday, 24th April 2024.
This financial year, Axis Bank carved out a path of strong growth, innovation and ‘many-firsts’. The Bank introduced ‘open by Axis
Bank’, its digital banking proposition, offering ~250 features through a modern, user-friendly interface. In a first, the ‘One-View’
feature on the Bank’s mobile app allows customers to manage their finances seamlessly across various banks.
As a pioneer in embracing numerous innovative technological advancements, Axis was the first Bank to go live with UPI
interoperability on its CBDC App. It became the first bank to introduce digital US dollar fixed deposit (FD) for NRI customers at the
IFSC Banking Unit in GIFT City, Gujarat. The Bank also launched a first-of-its-kind comprehensive digital proposition “NEO for
Business” to cater to the new-age banking needs of MSMEs. In partnership with the RBI Innovation Hub, the Bank now provides
access to super-fast digital KCC and MSME loans. Axis Bank has taken significant strides in the adoption of Gen AI by rolling out
Microsoft Copilot across select user base, and also a GenAI-based chatbot for ~60,000 users across branches, for enhanced
customer service efficiency and personalized banking experiences.
Axis Bank inaugurated its milestone 5,000th branch at Ahmedabad. The Bank opened a new regional office in Ranchi as a central
hub to oversee banking operations for over 550 branches spread across Jharkhand, Bihar, Odisha, and Chhattisgarh. In
Karnataka, it boosted its presence with 21 new branches. A record 100+ new branches were inaugurated in Uttar Pradesh,
including an all-women managed branch in Moradabad. The Bank has been steadily gaining market share in the rural and semi
urban markets through its 2,482 Bharat Bank branches, complemented by a 64,600+ strong CSC VLE network.
Amitabh Chaudhry, MD&CEO, Axis Bank said, “In FY24, Axis Bank charted a course of steady progress. While we relentlessly
focused on our key priority areas – Bharat Banking, Digital and Sparsh (our customer obsession program), I believe we were also
nimble in picking up some enticing new opportunities that came our way. Our Citi integration is on track, and we are inching
towards the final milestone LD2 in the next six months. In keeping with our credo “Dil Se Open” and with DE&I as one of our core
pillars, we have made progress in cultivating a diverse and inclusive workforce