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Axis Bank eyes bigger growth share in mid-corporates

January 24, 2023

Axis Bank eyes bigger growth share in mid-corporates
The country’s third largest private sector lender Axis Bank aims to focus on small companies as a key growth driver, said a top official.

Growth in the corporate loan book is likely to remain strong in the mid-corporates and small- and medium-sized enterprises, said Puneet Sharma, Chief Financial Officer of Axis Bank.

“Within corporates as we have called out, our growth will continue to be strong in our preferred segments such as mid-corporates, MNC, and SME,” Sharma said during a post-result press conference.

Sharma added that the bank will look at quality growth in the large corporate segment as well as demand picks up.

The bank’s net advances grew 15 percent on-year to ₹7.62 lakh crore as on December 31, 2022.

Retail loans grew 17 percent on-year and 1 percent on-quarter to ₹4.3 lakh crore and accounted for 56 percent of the net advances of the Bank. The share of secured retail loans was 79 percent, with home loans comprising 34 percent of the retail book.

The SME book of the bank remains well diversified across geographies and sectors, and grew 24 percent on-year to ₹82,190 crore.

Corporate loan book grew 8 percent on-year to ₹2.51 lakh crore. Mid-corporate book grew 42 percent.

The bank’s balance sheet grew 10 percent on-year and stood at ₹12.24 lakh crore as on December 31, 2022.

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