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What the record says.
Axis Bank reported a steady Q2 FY25 with PAT of INR 6,918 crore, up 18% YoY, driven by healthy operating income growth and moderation in operating expenses. Consolidated ROA improved to 1.92% and ROE to 18.08%. NIM stood at 3.99%, flat sequentially excluding one-offs. Deposit growth of 14% YoY outpaced the industry by 200 bps, while loan growth lagged at 11% YoY due to calibrated approach in unsecured retail segments. Retail slippages rose, primarily from unsecured products, but management expects corrective actions to contain stress. Fee income grew 11% YoY. Guidance: medium-term loan growth 300-400 bps above industry, deposit growth remains a key focus. Risk: elevated retail slippages could persist if unsecured stress broadens.
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Guidance to track
- Management reiterated that advances can grow 300 to 400 basis points faster than industry in the medium to long term.
- Given regulatory focus on CD ratio, deposit growth will be a key constraint for advances growth in the short to medium term.
- Management expects pace of cost growth to moderate, having delivered 9% YoY growth in Q2.
Risks flagged
- Retail slippages increased 40-45 bps YoY, primarily from unsecured products, and may persist in near term.
- RBI draft circular on overlapping businesses may affect subsidiaries; management is evaluating implications.
- New LCR draft norms could reduce reported LCR from 115% closer to 100%, requiring balance sheet adjustments.
Key quotes
- We do not need equity capital for either pillar [growth and protection].
- I do believe that MSME will be what Retail was, or MSME will be, over the next decade, what Retail was in the previous decade.
- We will do what's in the best interest of our shareholders.
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