Major Highlights of

Q1FY24

Q1FY24 PAT at ` 5,797 crores, up 41% YOY, consolidated ROE at 19.44%, up 388 bps YOY driven by healthy business momentum and strong all round operating performance

Strong operating performance

Net Interest Income grew 27% YOY and 2% QOQ, Net Interest Margin at 4.10%, up by 50 bps YOY
Fee income grew 28% YOY, granular fee constituted 94% of overall fees, Retail fee grew 37% YOY and 1% QOQ
Operating profit grew 50% YOY, Core operating profit grew 27% YOY
Consolidated ROA (annualized) at 1.83%, up 35 bps YOY, with subsidiaries contributing 3 bps

Robust loan growth delivered across all business segments

Advances grew 22% YOY and 2% QOQ; Domestic loan book grew 26% YOY and 2% QOQ
Retail loans grew 21% YOY & 2% QOQ of which Rural loans grew 22% YOY, SBB¹ book grew 46% YOY & 8% QOQ
Corporate loans grew 25% YOY and 2% QOQ, Mid-Corporate (MC) up 38% YOY, SME loans grew 24% YOY
SBB+SME+MC mix at ` 1,726 bn | 20% of total loans, up over ~600 bps in last 3 years

Steady growth in granular deposits, improving quality visible

On QAB basis, CASA stood at 44%, up 151 bps YOY and 31 bps QOQ, SA grew by 20% YOY & 10% QOQ, CA grew 17% YOY
On QAB basis, deposits grew by 15% YOY & 6% QOQ; term deposits grew by 12% YOY & 5% QOQ
On MEB basis, deposits grew by 17% YOY; SA grew 22% YOY, CA grew 23% YOY with CASA ratio at 46% up 182 bps YOY
Average LCR during Q1FY24 was ~123%, growing 6% YOY, Average LCR Outflow rates improved by ~460 bps in last 2 years

Well capitalized with self-sustaining capital structure; adequate liquidity buffers

Self sustaining capital structure with net accretion to CET-1 of 36 bps in Q1FY24
Overall capital adequacy ratio (CAR) stood at 17.74% with CET 1 ratio of 14.38%
` 5,012 crores of COVID provisions not considered for CAR calculation, provides cushion of 50 bps over the reported CAR
Excess SLR of ` 57,120 crores

Continue to maintain strong position in Payments and Digital space

1.11 million credit cards acquired in Q1FY24, incremental CIF market share of ~14% in last six months²
2^nd largest player in Merchant Acquiring with terminal market share of 18.4%, incremental share of 28% in last one year²
Axis Mobile app is the world’s highest ³ rated mobile banking app on Google Play store with ratings of 4.8 and ~12 million MAU
400+ APIs hosted on Bank’s API Developer Portal with 285 Retail APIs

Declining NPAs and slippages, moderate credit costs

GNPA at 1.96% declined by 80 bps YOY, NNPA at 0.41% declined 23 bps YOY, PCR healthy at 80%
Coverage⁴ ratio at 145%, Standard Covid-19 restructuring implemented loans at 0.21% of GCA and declined 24 bps YOY
Gross slippage ratio (annualized) at 1.87%, declined 18 bps YOY, Net slippage ratio (annualized) at 0.80%
Annualized credit cost at 0.50%

Key subsidiaries continue to deliver steady performance

Total Q1FY24 PAT of subsidiaries at `303 crs, up 16% YOY; Return on investments in domestic subsidiaries at 45%
Axis Finance Q1FY24 PAT grew 29% YOY, ROE at 15.1%, asset quality metrics improve with net NPA 0.31%
Axis AMC’s Q1FY24 PAT at `91 crores
Axis Securities Q1FY24 PAT up 14% YOY, Axis Capital executed 14 investment banking deals in Q1FY24

QAB: Quarterly Average Balance
MAU: Monthly Active Users engaging in financial and non-financial transactions
¹ SBB : Small Business Banking
² Based on RBI data as of Jun’23
³ across 64 global banks, 82 fintechs and 9 neo banks with 2 mn+ reviews
⁴ Coverage Ratio = Aggregate provisions (specific + standard + additional + Covid) / IRAC GNPA

Key Metrics for Q1FY24

Snapshot (As on June 30^th, 2023) (in ` Crores)

Profit & Loss	Absolute (in ` Crores)			YOY Growth	QOQ
	Q1FY24	Q1FY23	Q4FY23
Net Interest Income	11,959	9,384	11,742	27%	2%
Fee Income	4,488	3,506	4,568	28%	(2%)
Operating Expenses	8,232	6,425	7,362	28%	12%
Operating Profit	8,814	5,887	9,168	50%	(4)%
Profit after Tax (reported)*	5,797	4,125	(5,728)	41%	-

Balance Sheet	Absolute (in ` Crores)	YOY Growth
	Q1FY24
Total Assets	13,02,839	13%
Net Advances	8,58,511	22%
Total Deposits	9,41,690	17%
Shareholders' Funds	1,30,950	10%

^* Exceptional Items (EI) for Q4FY23 comprise of (i) full amortization of Intangibles and Goodwill (ii) impact of policy harmonization on operating expenses and provisions; and (iii) one-time stamp duty costs, pertaining to acquisition of Citibank India Consumer Business, profit excluding exceptional items `6,625 crores

Key Ratios	Absolute (in ` Crores)
	Q1FY24	Q1FY23
Diluted EPS (Annualised in `)	75.40	53.76
Book Value per share (in `)	425	389
Standalone ROA (Annualised)	1.80%	1.44%
Standalone ROE (Annualised)	19.17%	15.07%
Cons ROA (Annualised)	1.83%	1.48%
Cons ROE (Annualised)	19.44%	15.56%
Gross NPA Ratio	1.96%	2.76%
Net NPA Ratio	0.41%	0.64%
Basel III Tier I CAR^	14.90%	15.79%
Basel III Total CAR^	17.74%	17.83%

^ including profit after tax for Q1

Deposits

17% YOY^(a)

15% YOY^(b)

CASA

22% YOY^(a) | 19% YOY ^(b)

(a) Period end balances (b) Quarterly average balance

Advances

22% YOY^(c)

26% YOY^(d)

Retail

SME

Corporate

21% YOY | 24% YOY | 25% YOY^(c) 36% YOY^(d)

(c) Overall (d) Domestic book

Operating Profit (in ` Crores)

50% YOY

Q1FY24

8814
Q1FY23

5,887

Profit After Tax (in ` Crores)

41% YOY

Q1FY24

5,797
Q1FY23

4,125

Performance at a Glance

Strong operating performance

Net Interest Income grew 27% YOY and 2% QOQ, Non-interest income grew 74% YOY and 6% QOQ
Operating revenues grew 38% YOY and 3% QOQ, Operating profit grew 50% YOY
Consolidated ROE | ROA at 19.44% | 1.83%, up 388 bps and 35 YOY respectively
Subsidiaries contributed 27 bps | 3 bps to consolidated ROE | ROA respectively

Robust loan growth delivered across all business segments

Rural loans grew 22% YOY & 1% QOQ, Small Business Banking loans grew 46% YOY & 8% QOQ
Mid-Corporate (MC) book grew 38% YOY
SBB + SME + MC mix at ` 1,72,589 crores | 20% of loans, up over 600 bps in last 3 years

Steady growth in granular deposits, early visibility of improving quality

On a QAB basis total deposits grew 15% | 6% and term deposits grew 12% | 5% on YOY | QOQ basis.
On MEB¹, deposits grew 17% YOY; SA grew 22% YOY, CA grew 23% YOY with CASA ratio at 46% up 182 bps YOY
Average LCR² during Q1FY24 was ~123%, outflow rates improved ~ 460 bps over last 2 years

Well capitalized with self-sustaining capital structure; adequate liquidity buffers

Overall capital adequacy ratio (CAR) including profit stood at 17.74% with CET 1 ratio of 14.38%
Self-sustaining capital structure with net accretion to CET-1 of 36 bps in Q1FY24
COVID provisions of ` 5,012 crores, not in CAR calculation provides additional cushion of ~50 bps

Retaining strong position in Payments and Digital Banking

Axis Mobile & Axis Pay have ~8.4mn non-Axis Bank customers
100+ digital partnerships across platforms and ecosystems; ~13 mn customers on WhatsApp banking
Axis Mobile remains the world’s³ highest rated MB app on Google Play store with rating of 4.8; ~12 mn MAU⁴
Credit card CIF market share at 14%, Retail Card spends grew 100% YOY and 33% QOQ

Declining gross NPA’s and slippages

Gross NPA at 1.96% declined by 80 bps YOY & 6 bps QOQ, Net NPA at 0.41% declined 23 bps YOY
PCR healthy at 80%; On an aggregated basis⁵, Coverage ratio at 145%
Q1FY24 gross slippage ratio (annualized) at 1.87%, declined 18 bps YOY, net slippage ratio at 0.80%
Q1FY24 net credit cost (annualized) at 0.50%

Bank’s subsidiaries⁶ continue to deliver steady performance

Q1FY24 profit at ` 303 crores up 16% YOY, with a return on investment in domestic subsidiaries of 45%
Axis Finance Q1FY24 PAT grew 29% YOY to ` 123 crores; asset quality remains stable, CAR healthy at 18.6%
Axis AMC Q1FY24 PAT stood at ` 91 crores, Axis Securities Q1FY24 PAT grew 14% YOY to ` 45 crores
Axis Capital executed 14 investment banking deals in Q1FY24

¹ MEB – Month End Balance,
² Liquidity Coverage Ratio
³ across 64 global banks, 82 fintechs and 9 neo banks with 2 mn+ reviews
⁴ Monthly active users, engaging in financial and non-financial transactions,
⁵ (specific+ standard+ additional + COVID)
⁶ Figures of subsidiaries are as per Indian GAAP, as used for consolidated financial statements of the Group

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