New Delhi, September 12 (Meel Bijendra) – The retail franchise of Axis Bank, India’s third largest private sector lender, delivered strong growth driven by improving deposit quality and higher market share in key businesses.
Axis Bank achieved several all-time annual highs by adding 10.8 million new liability relationships in FY23 and achieved record loan disbursements in retail and rural sectors.
The Bank’s focus on building a quality and broad liability franchise is progressing well, with the premium segment’s share in the retail savings account deposit portfolio increasing by 870 bps year-on-year and overall deposit outflow rates decreasing by 550 bps.
Axis Bank said the wealth management business ‘Burgundy’ remains the largest in India with combined assets of INR 3.6 trillion and 30 of the top 100 richest Indians are our Burgundy Private clients.
Axis Bank’s diversified retail advances book grew 22% with higher growth in focus segments with SBB (50% y-o-y) and Rural (26% y-o-y), aided by several large transformation and technology initiatives.
The Bank has also strengthened its market share in the retail cards and payments businesses due to its KTB (Known to Bank) strategy led by its innovative product offerings and partnerships.
Axis Bank saw strong growth momentum across key metrics with the issuance of 4.2 million new credit cards, 63% YoY growth in card spending, and 97% YoY growth in card advances.