Axis Bank Financial results; Net profit at 3,614 crores, up 224% YOY

New Delhi: India's third-largest Private sector bank on Monday announced the financial results for the quarter and nine months ended 31st December 2021. The board of Axis bank approved the financial results at its meeting held in Mumbai on Monday, 24th January 2022. In the 3rd quarter, Axis Bank further firmed up its commitment towards positive climate action and the Sustainable Development Goals. 

• Operating profit grew 17% YOY & 4% QOQ; Net Interest Income up 17% YOY & 10% QOQ, Fee income up 15% YOY & 3% QOQ
• On QAB basis: Total deposits grew 22% YOY & 3% QOQ; SA grew 24% YOY & 4% QOQ, CA grew 27% YOY & 13% QOQ
• Loans up 17% YOY &7% QOQ, Retail up 18% YOY & 6% QOQ, SME up 20% YOY & 9% QOQ. Corporate up 13% YOY & 7%QOQ
• GNPA% at 3.17% declined by 138 bps YOY and 36 bps QOQ, NNPA% at 0.91% declined by 28 bps YOY and 17 bps QOQ,
• Total CRAR (incl. 9MFY22 profit) at 18.72% with CET1 of 15.33%, covid provisions not utilised, limited restructuring at 0.63% of GCA
• One Axis: Domestic subsidiaries delivered strong 9MFY22 PAT of `872 crores, up 61% YOY and higher than full year FY21 profit
• More than 0.77 million credit cards issued in Q3FY22, highest ever for any quarter
• Among the highest rated mobile banking app with Apple App store rating of 4.6 and Google Play store rating of 4.6

The Bank partnered with Guarantco through PIDG, to execute an umbrella guarantee framework of USD 200 million towards accelerating the E-Mobility eco-system in India. This is an important milestone in the Bank’s ESG journey and will act as a significant force multiplier for India’s EV sector, which is expected to cross over 6 million units annually within the next decade.

Customer convenience through faster and seamless processes has been a key theme for the Bank this year. Axis Bank announced its partnership with MinkasuPay to offer a biometric authentication solution for NetBanking transactions, providing a smoother and more secure banking experience without username, passwords or OTPs that go through in a matter of seconds. Reinforcing Axis Bank’s commitment to lead digitization in the Transaction banking space and build a digital wholesale Bank, it executed the industry-first blockchain enabled Domestic Trade Transaction on Secured Logistics Document Exchange (SLDE) - a GOI-backed platform, ensuring greater transparency, visibility, and sustainability for all stakeholders in the process. The Bank also concluded industry-leading structured derivative transactions with large Indian corporates.

Providing a boost to local communities during the festive season, Axis Bank roped in more than 2500 local stores across 50 cities under its ‘Dil Se Open Celebrations’ initiative. The Bank rolled out ‘Splash’, a pan India Drawing and Essay writing competition for children, which also contributed towards education of children impacted by Covid-19. Reaffirming its commitment to support and safeguard the financial requirements of government and defence personnel, the Bank has signed MOUs with the Indian Army, Indian Navy, Kolkata Police and Maharashtra Forest Department to offer best-in-class financial solutions. The Bank was awarded the ‘Finacle Innovation Award’ and ‘IDC Industry Innovation Award’ for Customer Journey Re-imagination and Innovation in Data Intelligence respectively.