• Q3 FY25
  • Quarter-3 Results 2024-25

Major Highlights of

Q3FY25

Q3FY25 Core Operating profit up 14% YOY and 5% QOQ, PAT up 4% YOY, 9MFY25 Consolidated ROA at 1.8%, Consolidated ROE at 16.9%

Operating leverage aids healthy core operating profit performance

  • Operating profit grew 15% YOY, Operating expense growth moderated to 1% YOY and declined 5% QOQ
  • Net Interest Income grew 9% YOY and 1% QOQ, Net Interest Margin at 3.93%, Domestic NIM stable at 4.06%
  • Fee income grew 6% YOY, granular fee constituted 94% of overall fees, Retail fee grew 5% YOY
  • Q3FY25 Consolidated ROA | ROE on annualized basis at 1.71% | 15.8%

Focus on average deposits continues, CASA ratio amongst the best in class

  • On QAB basis, total deposits grew 13% | 3%; term deposits grew 19% | 5% on YOY | QOQ basis, respectively
  • On MEB basis, total deposits grew 9% | 1%; term deposits grew 14% | 3%, CA grew 8% | 1% on YOY | QOQ basis, respectively; SA flat YOY
  • On QAB basis, CA grew 11% | 2% on YOY | QOQ basis, SA flat YOY
  • CASA ratio on QAB basis stood at 39%, which continues to be amongst the best across large peer banks

Loan growth delivered across focus business segments

  • Advances grew 9% YOY and 1% QOQ; Bank’s focus segments* grew by 16% YOY and 3% QOQ
  • Retail loans grew 11% YOY and 1% QOQ of which Rural loans grew 17% YOY & 4% QOQ, SBB1 book grew 20% YOY and 4% QOQ
  • SME loans up 15% YOY and 3% QOQ, Corporate loans (gross of IBPC sold) up 4% YOY, Mid-Corporate (MC) up 15% YOY & 4% QOQ
  • SBB+SME+MC mix at `2.301 bn | 23% of total loans, up ~761 bps in last 4 years

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

  • Self sustaining capital structure with net accretion^ to CET-1 of 87 bps in 9MFY25 and 49 bps in Q3FY25
  • Overall capital adequacy ratio (CAR) stood at 17.01% with CET 1 ratio of 14.61%
  • `5,012 crores of other provisions, not considered for CAR calculation, provides cushion of ~38 bps over the reported CAR
  • Excess SLR of `67,588 crores. Avg. LCR during Q3FY25 was ~119%

Continue to maintain strong position in Payments and Digital Banking

  • Bank maintains its no. 1 position in UPI Payer PSP space with a market share of ~30%
  • Among the largest player in Merchant Acquiring business in India with terminal market share of ~20%, incremental share of ~27% in last one year2
  • ~0.7 million credit cards acquired in Q3FY25, CIF market share of ~14%2
  • open by Axis Bank, our mobile banking app is among the top rated mobile banking apps on Google Play store and iOS app store with rating of 4.7 and 4.8, with ~15 million MAU

Asset quality stable

  • GNPA at 1.46% declined by 12 bps YOY, NNPA at 0.35% flat YOY and QOQ
  • PCR healthy at 76%, Coverage3 ratio at 151%
  • Gross slippage ratio (annualized) at 2.13% , Net slippage ratio (annualized) at 1.40%
  • Annualized net credit cost at 0.80%, Provisions to average assets 0.56% declining 3 bps QOQ

Key subsidiaries delivered strong performance

  • Total 9MFY25 PAT of domestic subsidiaries at `1,401 crores, up 26% YOY; Return on investments of ~ 49% in domestic subsidiaries
  • Axis Finance 9MFY25 PAT at `509 crores up 20% YOY, ROE at 14.98% for Q3FY25, stable asset quality metrics with net NPA at 0.25%
  • Axis AMC’s 9MFY25 PAT at `378 crores up 27% YOY, Axis Securities 9MFY25 PAT at `368 crores up 86% YOY
  • Axis Capital 9MFY25 PAT at `148 crores up 36% YOY and executed 43 ECM deals in 9MFY25

*Bank’s focus segments include Small Business Banking (SBB), Small & Medium Enterprises, (SME), Mid Corporate, Rural, Personal Loans (PL) and Credit Card Advances
QAB: Quarterly Average Balance; MEB: Month End Balance; MAU: Monthly Active Users engaging in financial & non-financial transactions;
1 SBB : Small Business Banking;
2 Based on RBI data as of Nov’24;
3 Coverage Ratio = Aggregate provisions (specific + standard + additional + other contingencies) / IRAC GNPA;
^ Net accretion = capital accreted – capital consumed during the quarter

Key Metrics for Q3FY25

Snapshot (As on December 31st, 2024) (in ` Crores)

Profit & Loss Absolute (in ` Crores) QOQ YOY Growth
  Q3FY25 Q2FY25 9MFY25 Q3FY25 Q3FY25 9MFY25
Net Interest Income 13,606 13,483 40,537 1% 9% 10%
Fee Income 5,455 5,508 16,166 (1%) 6% 11%
Operating Expenses 9,044 9,493 27,662 (5%) 1% 7%
Operating Profit 10,534 10,712 31,353 (2%) 15% 18%
Core Operating Profit 10,102 9,601 29,341 5% 14% 13%
Profit after Tax 6,304 6,918 19,256 (9%) 4% 9%
Balance Sheet Absolute (in ` Crores) YOY Growth
  Q3FY25  
Total Assets 15,25,712 9%
Net Advances 10,14,564 9%
Total Deposits 10,95,883 9%
Shareholders' Funds 1,71,279 20%

 

Key Ratios Absolute (in ` Crores)  
  Q3FY25 / 9MFY25 Q3FY24 / 9MFY24
Diluted EPS (Annualised in `) (Q3/9M) 80.32 / 82.12 77.86 / 76.10
Book Value per share (in `) 553 464
Standalone ROA (Annualised %) 1.64 / 1.71 1.75 / 1.77
Standalone ROE (Annualised %) 15.37 / 16.43 18.07 / 18.46
Cons ROA (Annualised %) 1.71 / 1.77 1.84 / 1.80
Cons ROE (Annualised %) 15.78 / 16.88 18.61 / 18.86
Gross NPA Ratio 1.46% 1.58%
Net NPA Ratio 0.35% 0.36%
Basel III Tier I CAR(c) 15.01% 14.18%
Basel III Total CAR(c) 17.01% 16.63%

(c) including profit after tax for 9M

Deposits 9% YOY (a)   13% YOY (b)
CASA

2% YOY (a) | 3% YOY (b)

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

Advances 9% YOY
Retail
SME
Corporate

11% YOY | 15% YOY | 3% YOY

Core Operating Profit
(in ` Crores) 14% YOY   5% QOQ
  • Q3FY25
    10,102
  • Q3FY24
    8,850
Profit After Tax
(in ` Crores) 9% YOY  
  • 9MFY25
    19,256
  • 9MFY24
    17,732

 

We have a very well distributed branch network;
added 130 branches in Q3 FY25

Domestic Branch Network*  
  • Dec-24
    5,706
  • Mar-24
    5,377
  • Mar-23
    4,903
  • Mar-22
    4,758
  • Mar-21
    4,594

* Includes extension counters

Performance at a Glance

Performance at a Glance

Operating leverage aids healthy core operating profit performance

  • Operating profit grew 15% YOY
  • Operating expense growth moderated to 1% YOY and declined 5% QOQ

Focus on average deposits continues, CASA continues to be the best amongst large peer banks

  • On MEB1 basis, total deposits grew 9% | 1%, term deposits grew 14% | 3%, CA grew 8% | 1% on YOY | QOQ basis, respectively and SA flat YOY
  • Average LCR 2 during Q3FY25 was ~119%, outflow rates improved ~ 60 bps over last 2 years

Loan growth delivered across focus business segment

  • Advances up 9% YOY and 1% QOQ, Retail loans grew 11% YOY and 1% QOQ
  • Small Business Banking loans grew 20% | 4%, Mid-Corporate (MC) book grew 15% | 4% on YOY | QOQ basis
  • SBB + SME + MC mix at `2,30,055 crores | 22.7% of loans, up ~761 bps in last 4 years

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

  • Overall capital adequacy ratio (CAR) stood at 17.01% with CET 1 ratio of 14.61%
  • `5,012 crores of other provisions, not considered for CAR calculation, provides additional cushion of ~38 bps over the reported CAR
  • Excess SLR of  `67,588 crores.

Continue to maintain strong position in Payments and Digital Banking

  • open by Axis Bank remains among the world’s top rated3 MB app on Google Play store and iOS app store with rating of 4.7 and 4.8 respectively; ~15 mn MAU4
  • open by Axis Bank & Axis Pay have ~14 mn non-Axis Bank customers
  • ~29.3 mn customers on WhatsApp banking
  • Credit card CIF market share at 14%, Retail Card spends grew 11% YOY

Asset quality stable

  • GNPA at 1.46% declined by 12 bps YOY, NNPA at 0.35% flat YOY and QOQ
  • PCR healthy at 76%; On an aggregated basis5, Coverage ratio at 151%
  • Q3FY25 Gross slippage ratio6 at 2.13%, Net slippage ratio6 at 1.40%, Net credit cost6 at 0.80%

Key domestic subsidiaries7 delivered strong performance

  • 9MFY25 profit at `1,401 crores up 26% YOY, with a return on investment in domestic subsidiaries of ~49%
  • Axis Finance 9MFY25 PAT grew 20% YOY to `509 crores; asset quality metrics stable, ROE at 14.98% for Q3FY25
  • Axis AMC 9MFY25 PAT grew 27% YOY to `378 crores
  • Axis Securities 9MFY25 PAT grew 86% YOY to `368 crores
  • Axis Capital 9MFY25 PAT grew 36% YOY to `148 crores and executed 43 ECM deals in 9MFY25

1 MEB – Month End Balance
2 Liquidity Coverage Ratio
3 with 3 mn+ reviews
4 Monthly active users, engaging in financial and non-financial transactions
5 (specific+ standard+ additional + other contingencies) / IRAC GNPA
6 Annualized
7 Figures of subsidiaries are as per Indian GAAP, as used for consolidated financial statements of the Group

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