Axis Bank reportsQ3FY21 operating profit of `6,096crores, Improving business momentum, prudence continues
o9MFY21 PAT of `3,911crup 30% YOY
oNet Interest Income up 14%YOY, NIM*at 3.59%, Fees up 5% YOY, Core Operating Profit up 10% YOY
oCASA andRetail TD (on QAB basis) grew 16% YOY, CASA ratio at 42%, improved 232 bps YOY, 158 bps QOQ
oLoan book (including TLTRO) grewby 9% YOY,Retail disbursements in Q3FY21 stood at all-time highs
oMarket share in UPI and Mobile banking for 9MFY21 stood at 19% and 17%,Card spends up 28% QOQ.
oImproving asset quality, GNPA1at 3.44%/ 4.55%decreasedby 156bps/ 45bpsYOY, Restructured loans at 0.42%$
oBalance sheet strengthened, PCR improved to 75% from 60% YOY; CR2& SACR3improvedto 116%&2.08%YOY
oCapital adequacy ratioincluding profits for 9MFY21at 19.31%, CET 1 ratio at 15.36%
oOne Axis: Domestic subsidiaries growing, gaining market share and profits in 9MFY21 exceeding FY20PAT
The Board of Directors of Axis Bank Limited approved the financial results for the quarter and nine months ended 31st December 2020 at its meeting held in Mumbai on Wednesday, 27thJanuary 2021. The Accounts have been subjected to a Limited Review by the Bank’s Statutory Auditors.
The last quarter saw several new initiatives by the Bank. It started with the festive campaign ‘Dil Se Open Celebrations’ with great offers for customers, providing them an opportunity to gift their loved ones and fulfilling their wishes. The Bank partnered with all major brands to offer exciting deals and discounts to Axis Bank cardholders through the ‘Grab Deals’ platformhosted on its website. Under One Axis solutions, the Bank offered special interest rates on home and auto loans, gold loans, as well as business loans.
Digital was the other focus area for the quarter. With rapid shift towards digital payments due to the pandemic and to cater to its growing consumer base, Axis Bank launched the‘ACE Credit Card’ in collaboration with Google Pay and Visa. The Bank also launched ‘Axis Bank Club Vistara Forex Card’, the first-ever collaboration by a bank and an Indian airline for a co-branded forex card. The multicurrency forex card is designed to address the immediate needs of international travelers, offering unique features like loading up to 16 currencies on a single card, locked-in exchange rates and emergency assistance services.
The Bank strengthened its offerings to the MSME segment by launching an exclusive Business Credit Card to provide short term credit. Committed to the Government’s vision of Digital India, Axis Bank was one of the first to go live as a FinancialInformation Provider (FIP) on RBI’s Account Aggregator (AA) framework
Amitabh Chaudhry, MD&CEO, Axis Bank said, “As the economy turns around, we see fresh enthusiasm and positivity returning to both retail and corporate business. Digital has been one of our biggest strengths and we have fortified it further. With new collaborations with the best brands in their respective fields, we have rolled out some of the most innovative products and services for our customers, with unique features and benefits.”
