Axis Bank (NSE: AXISBANK) is a major private sector bank in India. It offers a wide range of banking and financial products and services to corporate and retail customers. The bank has a strong presence in both domestic and international markets, with over 3,300 branches and 12,000 ATMs across the country, as well as branches in Singapore, Hong Kong, Dubai, and London. The bank’s core business activities include retail banking, corporate banking, investment banking, and wealth management. The bank also offers a variety of digital banking services, including mobile banking and internet banking, to its customers.
Axis Bank has reported strong financial results for Q3FY23. The bank’s profit after tax (PAT) for the quarter came in at Rs 5,853 crores, an increase of 62% YoY. The bank’s consolidated return on assets (RoA) stood at 2.00%, while the return on equity (RoE) was at 19.81%. This strong performance was driven by a 32% YoY growth in net interest income (NII), higher fees, and a moderation in operating expenses. The bank’s advances grew by 15% YoY, with the SME, corporate, and retail segments all showing strong growth. Additionally, the bank’s overall capital adequacy ratio (CAR) stood at 19.51% with CET 1 ratio of 15.55%. The bank’s CEO, Amitabh Chaudhry, commented that India is currently a bright spot in the global economy and that the bank is well-positioned to take advantage of this.