2021-2022 Quarterly Results - Q4

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 31^st, 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 31^st 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

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