Axis Bank (AXISBANK) — concall transcript

📢 Key Event
Axis Bank reported Q3FY24 results with strong fee growth and deposit momentum, targeting deposit-convergence with credit growth by FY25.

🔄 What Changed
GNPA improved to 1.58% (down 80 bps YoY), retail deposits grew 17% YoY, and fee income rose 29% YoY, while operating expenses increased 32% YoY due to technology and staffing costs.

🔮 What's Next
Deposit growth convergence with credit growth (~13%) targeted by FY25; Bharat Banking and Citibank integration to complete by H1FY25; no immediate capital raise planned despite 13.7% CET1 ratio.

💡 Investor Takeaway
Deposit growth is accelerating but may limit loan growth near-term, though management remains confident in medium-term outperformance and digital momentum.

Axis Bank reported robust Q3FY24 performance with ROE at 18.61%, NIM at 4.01%, and GNPA at 1.58%, driven by 17% YoY retail deposit growth and 36% YoY retail fee growth. Management highlighted progress on Bharat Banking expansion, Citibank integration targeting H1FY25 completion, and digital leadership with a 4.8 app rating. Loan book growth moderated to 5% retail and 3% corporate, while CET1 capital rose 39 bps organically. Deposit growth constraints may temper near-term loan expansion despite 118 LCR and improved outflow rates.

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About Axis Bank Ltd (AXISBANK)

Financial Services · Banks · Listed on BSE

Market Cap: ₹3,90,402.66 Cr P/E: 14.0 ROE: 13.1% ROCE: 22.3% Div Yield: 0.08%

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🔥 Also filed on 31 December 2023

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