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What the record says.
Axis Bank reported a strong Q1 FY24 with consolidated PAT growing 41% YoY and annualized ROE at 19.44%, up 388bps YoY. NII grew 27% YoY to INR 11,959 crore, with NIM at 4.10% improving 50bps YoY. Fee income rose 28% YoY to INR 4,488 crore. Asset quality improved with GNPA at 1.96% (down 80bps YoY) and PCR at 80%. The bank is investing in digital and branch expansion (400 new branches planned), while managing integration costs for the Citi acquisition (INR 385 crore in Q1, total INR 2,000 crore over 18 months). Management reiterated guidance of ~2% cost-to-assets by FY25 exit (ex-Citi). Key risks include rising deposit costs and potential margin compression, as well as seasonal rural slippages in H1.
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Guidance to track
- Management reiterated guidance of cost-to-assets around 2% by FY25 exit, excluding Citi business costs.
- Citi integration costs expected to total INR 2,000 crore pre-tax (INR 1,500 crore post-tax), with INR 385 crore incurred in Q1.
- The bank plans to add around 400 branches this fiscal year, focusing on white spaces.
- Axis Two currently ~5% of overall business; target to increase contribution 3-4 times by FY27.
Risks flagged
- Cost of deposits increased 114bps YoY and 28bps QoQ; management expects further increases though pace may moderate.
- Rural slippages typically occur in May-November cycle, impacting Q1 and Q3 asset quality.
- Citi integration expenses of INR 2,000 crore may be upfronted; any delays could affect cost trajectory.
- Management acknowledged competitive market for loans, which could cap yield improvements.
Key quotes
- We have now consistently delivered an ROE in excess of 18% over the last four quarters through disciplined execution.
- We are not walking away from that guidance.
- We are certainly not looking at it as a devaluation. We are looking at it as a segmentation of our product line, more aligned to the high spenders.
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