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Axis Bank announced FY24 & Q4FY24 results:
Financial Highlights:
- Q4FY24 Net Interest Income grew 11% YoY and 4% QoQ, Q4FY24 NIM at 4.06% up 5 bps QoQ.
- Q4FY24 fee income grew 23% YoY | 9% QoQ, Retail fee grew 33% YoY | 12% QoQ, granular fees at 93% of total fees.
- Q4FY24 Operating profit grew 15% YoY & QoQ, PAT at Rs 7,130 crores up 17% QoQ.
- Q4FY24 Consolidated ROA | ROE on annualized basis at 2.07% | 20.87%, up 23 bps | 226 bps QoQ.
- Bank’s total business grew 13% | 5% of which advances grew 14% | 4% and MEB deposits grew 13% | 6% on YoY | QoQ basis.
- MEB retail term deposits grew 17% YoY & 5% QoQ, CASA grew 8% QoQ with CASA ratio at 43%.
- Retail loans up 20% | 7%, SME up 17% | 5% on YoY | QoQ basis, Corporate loans (gross of IBPC sold) up 7% YoY.
- Overall CAR stood at 16.63% with CET 1 ratio of 13.74%, organic net accretion to CET-1 of 44 bps in FY24,
- 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,
- 1.24 million credit cards issued in Q4, CIF market share of 14%, card spends up 50% YoY.
- Largest player in Merchant Acquiring with market share of 19.8%, incremental share of 28% in last one year.
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 in a nurturing ecosystem.”
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