* transaction involved the process of Letter of Credit advising as well as digital presentation of underlying trade documents including invoice & transport document
Above are standalone figures as on/ for year ended March 31, 2023 unless otherwise mentioned
Performance Review
Our strategic focus has been to deliver relationship RAROC-focused growth leveraging ‘One Axis’ while driving higher growth in our chosen business segments.
One Axis model
We bring the opportunity of ‘One Axis’ to our customers by offering enterprise banking solutions for the business, personal banking solutions for employees and investment and private banking solutions for promoters and top management. 81% of the Burgundy Private and Burgundy accounts in fiscal 2023 were sourced through the Wholesale Banking and Commercial Banking Group (CBG) segment. For fiscal 2023, ₹100 crores of life insurance premium was sourced through CBG.
Strengthening our wholesale banking franchise
We have transformed the corporate landscape through meaningful enhancements driven by upgrades to top-ranked corporates and an increased contribution of transaction banking fees to wholesale fees. About 89% of incremental sanctions were to companies rated A- and above. About 694 new credit relationships were added during the year.
Recording strong growth in the Corporate segment
Our Corporate loan book was at ₹265,009 crores as at the end of fiscal 2023, up 14% over fiscal 2022. The focus segments of Mid-Corporate and CBG showed impressive growth.
Relation-led approach to grow CBG segment
The CBG business continued to grow and gain market share in fiscal 2023. The business sees a generous PSL contribution, adding to the development of a reliable current account portfolio with steady Trade and Foreign Exchange transactions. This relation-led approach is reflected in the 17% growth in CA deposits and 14% in fees from CBG in fiscal 2023, from a year ago.
Strong momentum in CBG business
The CBG asset portfolio was ₹92,723 crores at the end of fiscal 2023, registering y-o-y growth of 23%. The CBG asset book remains healthy and well-diversified across several geographical regions and major industrial sectors.
Solution-led approach towards government business
We offer a range of products and services to Central and State governments, local councils, public sector undertakings, co-operative and federations. Our government deposit gross inflows for fiscal 2023 amounted to ₹2,957,158 crores. The market share in the government banking space stood at 4.2% in fiscal 2023.
What Great Looks Like
NEO Banking – The Rise of India’s Top Digital Corporate Bank
Our wholesale banking division has had a successful transformation from an asset-based model to one that focuses on relationships. With clientcentricity design at its heart, NEO is enabling multi-product, multi-channel end-to-end digital experiences for our corporate clients. About 95+ open banking APIs are now operational across the product suite.
Corporate Banking – Legacy Issue Resolution
A mid-size pharma company backed by the marquee PE fund General Atlantic PE. The client had been requesting support for writing off 8 shipping bills amounting to $1.2 million since the last four years. They then exited the Axis Bank relationship and started banking with other large banks in 2019. In fiscal 2023, GA’s top management met our MD & CEO and requested our support. Our MNC Team started to investigate their issues. With support from client and internal team, we processed the write off of those eight shipping bills.
Customer Speak
Dear Champak*, We are thankful to you and the entire team for making extra efforts in attending this request. It was a long-overdue item in our list and thanks to you for getting involved personally at each stage and finally bringing this to a logical closure. I would also thank hereby your back-end team for supporting us in this case.
*Champak is an Axis Bank Employee
Our path-breaking digital banking platform, NEO, witnessed strong adoption from corporates with 1,000+ client engagements since launch.
Axis Bank was adjudged #1 on the Quality Index for both Large Corporate and Middle Market banking in the Greenwich Banking Survey for the second year in a row.
