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What the record says.
Axis Bank delivered a strong Q4 FY24 with consolidated PAT of INR 24,861 crore, up 160% YoY, driven by robust NII growth of 16% YoY and fee income growth of 28% YoY. Net interest margin improved to 4.06% sequentially, aided by disciplined execution and mix shift. Asset quality improved with GNPA at 1.43% (down 59bps YoY) and net slippages declining 17% QoQ. Management highlighted continued focus on deposit franchise quality, with LCR accretive deposits growing 18% YoY. Guidance includes medium-term loan growth 300-400bps above industry, but near-term deposit growth is a constraint. Risk: Geopolitical tensions could impact food and commodity prices, keeping policy rates higher for longer.
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Guidance to track
- Management expects to grow advances 300-400 basis points faster than the industry over the medium to long term (3-5 years).
- Management expects system credit growth to converge towards deposit growth of around 13% for the fiscal year.
- CFO stated that if marginal cost of funds remains current, backbook repricing should be completed in Q2 of FY25.
- Management reiterated that the bank does not need equity capital for either growth or protection pillars; capital raise resolution is purely enabling.
Risks flagged
- Management noted geopolitical tensions pose risk to food and commodity prices, keeping policy rates higher for longer.
- Management acknowledged deposit growth could be a key constraint to advances growth in the short term, as system deposit growth lags credit growth.
- Analyst raised concerns about RBI actions on tech deficiencies; management declined to disclose specific communications but emphasized investments in resilience.
- Analyst questioned asset quality in cards and unsecured loans; management said they remain within guardrails but are closely monitoring early risk indicators.
Key quotes
- We have delivered our aspirational return ratios with better quality and consistency of earnings while maintaining a strong balance sheet position.
- We reiterate that we do not need equity capital for either pillar. The bank is proposing to take a purely enabling resolution for equity capital and borrowing from its shareholders in the normal course.
- We have improved our LCR outflow rates by 500 basis points in the last two years, which is among the best in the sector today.
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