• Q4 FY21
  • Quarter-4 Results 2020-21
Experience open QUARTER-1 RESULTS 2020-21

Major Highlights of Q4FY21

Balanced growth, improving profitability, resilient balance sheet

Steady growth in stable and granular retail deposits continues to aid loan growth

  • Loan book (including TLTRO) grew by 12% YOY and 8% QOQ*
  • On QAB basis, CASA grew 18% YOY and 7% QOQ, RTD deposits(1) grew 14% YOY and 4% QOQ
  • On QAB basis, CASA ratio stood at 42.4%, up 320 bps YOY and 39 bps QOQ

Steady operating performance


  • NII up 11% YOY, NIM stood at 3.56% for Q4FY21, improving 1bps YOY
  • Fee income grew 15% YOY and 16% QOQ. Retail fee grew 17% QOQ and contributed 64% of overall fees
  • Operating profit grew 17% YOY and 13% QOQ to `6,865 crores
  • PAT stands at `2,677 crores for Q4FY21, up 140% QoQ

Well capitalized with adequate liquidity buffers


  • Overall capital adequacy ratio (CAR) stood at 19.12% with CET 1 ratio of 15.40% as at the end of Mar'21
  • `5,012 crores of COVID provisions, not considered for CAR calculation provide cushion of 69 bps over the reported CAR
  • Average Liquidity Coverage Ratio (LCR) during Q4FY21 was 115%
  • Excess SLR during Q4FY21 was `57,915 crores

Loan growth driven by all three business segments


  • Domestic Retail loans grew 11% YOY and 7% QOQ*, 81% of the book is secured. Disbursements in Q4FY21 touched new record highs
  • Disbursements in Consumer segment were up 45% YOY & 44% QOQ, Rural up 47% YOY & 47% QOQ; Secured up 70% YOY & 48% QOQ
  • SME loans grew 13% YOY & 10% QOQ* led by tech driven transformation initiatives and better co-ordination with branch banking team
  • Corporate loans (incl. TLTRO investments) grew 16% YOY and 9% QOQ*, 94% of incremental sanctions in Corporate were A- & above

Leadership position in Digital with increased sourcing & innovative launches

  • The Bank maintained its leadership position in Digital with 17% market share in UPI transactions & 16% in Mobile Banking for FY21
  • 71% of SA accounts and 57% of personal loans in FY21 were sourced digitally, up from 62% and 44% respectively
  • Bank continues to launch innovative products like Pay Later, Digital Forex Card, Digital Gold and Whatsapp Banking

Balance sheet buffers strengthened with high PCR and additional provisions

  • GNPA at 3.7% YoY declining 116 bps YoY and 85 bps QoQ
  • PCR at 72.4%, improved 340 bps YOY
  • SACR improved from 1.38% to 1.95% YOY and Coverage ratio improved from 95% to 120% YOY
  • Limited Covid-19 restructured loans at 0.3% of GCA, overall provision coverage of 26%, unsecured retail provided at 100%

Key subsidiaries delivered strong performance, Max Life stake acquisition complete

  • Domestic subsidiaries reported a total PAT of `833 crores in FY21, up 75% YOY
  • Return on investments in subsidiaries at 39%
  • Axis AMC’s PAT for FY21 grew 2x, Axis Securities PAT for FY21 grew 10x
  • Axis Finance ROE stood at 14.6%, asset quality metrics remain stable with net NPA of 2%, nil restructuring
  • Axis Capital completed 60 Investment banking deals in FY21, with FY21 PAT up 66% YOY

QAB: Quarterly Average Balance
Coverage Ratio = Aggregate provisions (specific + standard + additional + Covid) / IRAC GNPA
Standard Assets Coverage Ratio (SACR) = Standard asset provisions plus additional provisions plus Covid provision / Standard loans
* Adjusted for provisions on proforma NPA in previous quarter Q3FY21
(1)Sequential and YoY RTD growth lower by 3%, due to decision on FCNR (B) deposits

Key Metrics for Q4FY21

Snapshot (As on March 31st, 2021) (in ` Crores)

Profit & Loss Absolute (in ` Crores) YOY Growth
  Q4FY21 FY21 Q4FY21 FY21
Net Interest Income 7,555 29,239 11% 16%
Fee Income 3,376 10,686 15% (3%)
Operating Expenses 5,359 18,375 8% 6%
Operating Profit 6,865 25,702 17% 10%
Net Profit 2,677 6,588 - 305%
Balance Sheet Absolute (in ` Crores) YOY Growth
  FY21  
Total Assets 996,118 9%
Net Advances 623,720 9%
Total Deposits^ 707,306 10%
Shareholders' Funds 101,603 20%

^ period end balances

Key Ratios Absolute (in ` Crores)  
  FY21 FY20
Diluted EPS* (in `) (Q4/FY) 35.37 / 22.09 (19.79) / 5.97
Book Value per share (in `) 332 301
ROA* (in %) (Q4/12M) 1.11 / 0.70 (0.62) / 0.20
ROE* (in %) (Q4/12M) 11.72 / 7.55 (7.08) / 2.34
Gross NPA Ratio 3.70% 4.86%
Net NPA Ratio 1.05% 1.56%
Basel III Tier I CAR 16.47% 14.49%
Basel III Total CAR 19.12% 17.53%

* Annualised

Deposits# 9% YOY

CASA+RTD#

16%YOY (QAB#)
17%YOY (End Balance)

#QAB - Quarterly Average Balance

Advances 12% YOY*

Retail

10% YOY
SME

13% YOY
Corporate

16% YOY*

* Including TLTRO

Operating Profit (in ` Crores)    10% YOY

FY21
25,702
FY20
23,438

 

Profit After Tax (in ` Crores)    305% YOY

FY21
6,588
FY20
1,627

 

Domestic Branch Network*

March-21
4,594
March-20
4,528
March-19
4,050
March-18
3,703

* Includes extension counters

Results at a Glance

Strong operating performance, net profit for FY21 at `6,588 crores, up 305% YOY

Q4FY21

  • PAT grew 140% QOQ to `2,677 crores
  • NII grew 11% YOY to `7,555 crores; NIM* stood at 3.56% improving by 1 bps YOY
  • Fee income grew 15% YOY & 16% QOQ. Retail fee grew 17% QOQ & contributed 64% to total fee
  • Operating profit grew 17% YOY & 13% QOQ to `6,865 crores
  • Credit cost at 1.70% improving 106 bps YOY

FY21

  • NII grew 16% YOY to `29,239 crores; NIM stood at 3.53%, improving by 2 bps YOY
  • Operating profit grew 10% YOY to `25,702 crores, cost to assets at 1.96%, improving 13 bps YOY

Loan growth driven by all three business segments

  • Loan book (including TLTRO1 investments) grew 12% YOY and 8% QOQ^
  • Domestic retail loans grew 11% YOY and 7% QOQ^; 81% of the Retail book is secured
  • Retail disbursements for the quarter were at new all-time highs. Disbursements in Consumer segment were up 45% YOY & 44% QOQ, Rural disbursements grew 47% YOY & 47% QOQ
  • Corporate loans (including TLTRO investments) grew 16% YOY and 9% QOQ^
  • SME loan book grew 13% YOY and 10% QOQ^

Steady growth in stable and granular retail deposits

  • On QAB2 basis, CASA grew 18% YOY and 7% QOQ, RTD deposits grew 14% YOY and 4% QOQ
  • On QAB basis, SA grew 17% YOY & 6% QOQ, Retail SA grew 20% YOY, CA grew 18% YOY & 10% QOQ
  • On QAB basis, CASA ratio stood at 42%, up 320 bps YOY and 39 bps QOQ

Well capitalized with adequate liquidity buffers

  • Overall capital adequacy ratio (CAR) including profit for FY21 stood at 19.12% with CET 1 ratio of 15.40%
  • COVID provisions of `5,012 Crores, not in CAR calculation provides additional cushion of 69 bps
  • Average LCR3 during Q4FY21 was 115% with exit LCR of ~ 105%, excess SLR# of `57,915 crores

Balance sheet buffers strengthened with high PCR and additional provisions metrics

  • NNPA at 1.05% decreased by 51 bps YOY and 14 bps QOQ
  • Cumulative provisions (standard + additional other than NPA) translate to 1.95% of our standard loans
  • On an aggregated basis (specific+ standard+ additional + Covid), our coverage ratio stands at 120% of GNPA at 31st March, 2021

Bank's domestic subsidiaries delivered strong performance, Max Life stake acquisition completed

  • Cumulative FY21 PAT$ at `833 crores, up 75% YOY
  • Axis AMC's FY21 PAT doubled YOY to `242 crores, AAUM growth of 42% YOY
  • Axis Finance FY21 PAT was `211 crores; asset quality remains stable, with nil restructuring
  • Axis Capital FY21 PAT stood at `166 crores, up 66% YOY
  • Axis Securities FY21 PAT at `166 crores, was over 10x of its FY20 PAT
   

* Net Interest Margins
$ Figures of subsidiaries are as per Indian GAAP, as used for consolidated financial statements of the Group
^ Provisions on proforma NPA in Q3FY21, netted from advances for comparability
# Statutory Liquidity ratio
1 Targeted long term repo operations
2 QAB – Quarterly Average Balance
3 LCR – Liquidity Coverage Ratio