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Business Segment Performance -
Annual Report 2022–23

Building on our Strong
Retail Banking Franchise

By optimising our business mix and providing exceptional customer service, we deliver a seamless and intelligent banking experience that is both efficient and reliable. By leveraging the power of data, technology and our human touch, we provide a differentiated experience for our customers.

Performance Highlights

870 bps

Growth in premium
SA QAB deposits y-o-y

₹3.6 trillion

AUM in wealth management

4.2 million

Credit cards issued


Growth in advances y-o-y

Performance Review

We have made significant progress in customer acquisitions and recorded growth in the liability and loan franchise.

Progress in our Liability Franchise

Our focus on premiumisation, digital sourcing, corporate salary accounts, digital transformation initiatives and partnerships led to an 8% increase in new SA accounts (i.e. 4.68 million SA accounts opened in fiscal 2023), CASA deposits growth of 21% y-o-y and an 870 bps higher share of the premium segment in the retail savings portfolio.

Gaining Market Share in Payments

Our credit card issuance increased by 57% to 4.2 million cards in fiscal 2023, aided by Known to Bank relationships and strategic partnerships. This resulted in a 17% incremental CIF market share in H2FY23. In payments, we continue to strengthen our positioning with a 17% market share in UPI, 15.7% in mobile, 10.6% in NEFT payments and 18.6% in merchant POS terminals.

Expanding High-quality Retail Loan Portfolio

Retails loans grew 22% y-o-y to ₹4.9 trillion on the back of personal loans and credit card advances. 100% of PL and 75% of the credit card portfolio is to salaried segment. The retail loan book remains well diversified and 78% secured and has a healthy portfolio with GNPA at 1.44% and NNPA at 0.49%.

Building on Cards and Payments Business

Our SBB portfolio was up 50% y-o-y to ₹430 billion. It is well-diversified and continues to grow strongly led by our One Axis approach, innovative product offerings such as small ticket loans, quick overdrafts and equipment finance, Cards and Payments.

Burgundy Private AUM Crosses ₹1.3 Trillion

Our Bank’s overall Burgundy AUM has grown at a CAGR of 29% in the last six years to ~`3.6 trillion and the Burgundy Private AUM stood at ~₹1.4 trillion, up 58% y-o-y. The portfolio has grown to include 11,009 families across 27 cities across India. Burgundy Private was adjudged as the Best Private Bank for Client Acquisition in Asia in the 5th Annual Wealth Tech Awards.

  • 26% incremental market share in POS base fiscal 2023
  • 3.6 million Flipkart cards in force as of March 2023
  • 17% market share in UPI (fiscal 2023)

Going Beyond the Call of Duty

Narender Rapka, based at Axis Bank’s CPU retail document movement, Hyderabad, received a request from the Goregaon retail asset centre (RAC) team for retrieval of customer property documents. The documents had to be delivered from Hyderabad to Mumbai in six hours as the customer was travelling abroad at midnight of the next day. Since no options were working, Narender checked if any of the Axis employees were traveling to Mumbai and to his relief found Mithlesh traveling on the route the same day who agreed to carry the documents. Another employee from Mumbai, Jayprakash, collected the documents. Hence, customer obsession was followed in true spirit.

What’s New?

Axis Bank has

  • 95+ digital partnerships across platforms and ecosystems
  • ~11 million customers on WhatsApp banking