Archives July 2023

Mumbai, INDIA – 31st July 2023 – Tata Communications, a global digital ecosystem enabler, today announces the completion of the acquisition of the remaining 41.9% equity in Oasis Smart SIM Europe SAS (Oasis), a leading embedded-SIM (eSIM) technology provider, through its Singapore-based subsidiary Tata Communications International Pte Limited (TCIPL). With the close of this transaction, Tata Communications now completes the acquisition of 100% equity shareholding in Oasis Smart SIM Europe.

On 10th July 2023, Tata Communications, through its wholly-owned Singapore-based subsidiary TCIPL, had entered into a share purchase agreement to acquire the remaining 41.9% equity in Oasis.

The combined power of Tata Communications MOVETM platform and Oasis eSIM (embedded SIM) and remote SIM provisioning capabilities will equip global enterprises with end-to-end, scalable and secure eSIM connectivity. This is crucial for delivering intelligent and intuitive IoT applications and stitching a digital fabric of secure, connected and digital experiences.

“We welcome Oasis in our journey to unleash the power of eSIMs globally. Tata Communications is committed to empowering enterprises with new-tech solutions that fuel growth and accelerate their digital transformation strategies,” said Tri Pham, Chief Strategy Officer, Tata Communications. “Our combined forces will augment adoption of data-driven innovation for enterprises to succeed in tomorrow’s hyperconnected ecosystems.”

“The eSIM adoption is at an inflection point with enterprises looking for secure and uninterrupted connectivity between machines, humans and all,” said Mysore Madhusudhan, Executive Vice President, Collaboration & Connected Solutions, Tata Communications. “The complete acquisition of Oasis and its eSIM capabilities will further our ambition to upscale Tata Communications MOVE™ and drive IoT-fuelled innovation for enterprises across sectors with agility, ease and trust.

“These are enthralling times for Oasis as well as the eSIM industry at large,” said Olivier Leroux, CEO, Oasis. “Oasis has been delivering eSIM solutions with a combination of high- speed connectivity and innovation. With Tata Communications, we’ve now found the right partner to further boost our offerings to scale up IoT deployment for our customers. I am excited to see how Oasis powers up Tata Communications MOVE™, transforming enterprises and industries worldwide.”

New Delhi, 31st July 2023 A team of Indian doctors performed a rare two-way swap liver transplant, granting a new life to two foreign nationals hailing from Uzbekistan. Overcoming the challenges of ABO incompatibility, the medical team, devised an innovative solution where willing donors exchanged organs to match the blood groups of the recipients. The medical team conducted four simultaneous surgeries, exhibiting exceptional perseverance and achieving a ground-breaking milestone in medical history by saving the lives of both 41-year-old Gulyam and 51-year-old Matlubakhon.

The intricacy of the situation stemmed from the challenging ABO incompatibility between the patients and their designated donors. While Gulyam’s blood group was B, his son, who volunteered to donate, had blood group A. Similarly, Matlubakhon, who also required an urgent transplant, had blood group A, while her sister’s blood group was B.

ABO-incompatible transplants, where the blood type of the donor and recipient are not compatible have a high rate of rejection by the recipient’s body, and this apparent mismatch of blood groups posed a significant obstacle to the success of liver transplants. The immune system recognizes the transplanted organ as foreign and launches an immune response which leads to a potential rejection of the liver and endangers the life of the recipient.

Family swap liver transplants for foreign nationals are extremely rare as it demands the patient and donor to be of the same nationality and the donors being close relative. The procedure also necessitates that both surgeries take place simultaneously. Undeterred by the complexity of the situation, the Indian medical team led by Dr. Abhideep Chaudhary, Vice Chairman & HOD, HPB Surgery, and Liver Transplantation, BLK-Max Super Speciality Hospital devised an innovative solution to address this life-threatening predicament.

“This remarkable swap liver transplant offered an extraordinary chance for a cure to both recipients who were in dire need of compatible livers. After gaining approval from both families and securing necessary clearances from the authorization committee, our medical team conducted all four surgeries simultaneously. The swap transplant is indeed a challenging and complex procedure both medically as well as logistically, the dedication and skill demonstrated by our medical team comprising of 20 doctors have played a pivotal role in achieving the remarkable result,” said Dr. Chaudhary.

New Delhi, 29th July 2023 Brace yourself for an exhilarating opportunity as iVOOMi, India’s fastest-growing OEM, proudly presents its exclusive Independence Day Offer! In celebration of India’s independence, iVOOMi is giving you a chance to own the cutting-edge iVOOMi EV scooter absolutely free! With every visit to an iVOOMi EV showroom until August 30th, you enter the exciting lucky draw for a shot at owning this state-of-the-art electric scooter.

iVOOMi EV: Pioneering the Eco-Friendly Commute

As a gesture of gratitude to our esteemed Audience and a commitment to a greener future, iVOOMi introduces the iVOOMi EV scooter – an embodiment of sustainable and eco-friendly commuting. Seamlessly combining advanced technology with a sleek and stylish design, this electric marvel redefines urban commuting. Its impressive range and powerful performance make it the perfect choice for navigating the bustling city streets. Embrace the future of transportation with the iVOOMi EV’s zero-emission electric motor, ensuring a clean and eco-friendly ride, all while basking in unmatched comfort and convenience.

How to Participate: Your Journey to Freedom

Participating in this Independence Day Offer is as effortless as riding an iVOOMi EV! Here’s how:

1. Explore the iVOOMi Product Range: Simply visit any iVOOMi EV showroom during the promotional period.

2. Seize the Opportunity: Each Visit entitles you to enter the lucky draw for the iVOOMi EV scooter.

3. A Moment of Triumph: The lucky winner will be chosen through a random selection process and announced on the auspicious occasion of Independence Day, 15th August, as well as on 30th August, via our official social media page.

The Future Awaits: A Message from iVOOMi

Ashwin Bhandari, Co-Founder, and Chief Executive Officer (CEO) of iVOOMi, expressed his enthusiasm, stating, “We are tremendously excited to introduce our Independence Day Offer, granting our valued customers the opportunity to win a complimentary iVOOMi EV scooter. As we commemorate this momentous occasion, we extend our sincere appreciation by presenting this chance to experience the epitome of our technological advancements and sustainable transportation solutions.”

iVOOMi: Empowering Lives, Embracing the Green Journey

At iVOOMi, our commitment to excellence drives us to deliver exceptional products and services that enhance our customers’ lives. This Independence Day Offer is a testament to our dedication to creating a greener and smarter future. Join us on this electrifying journey towards sustainability and celebrate independence with a touch of modernity.

Unlock Freedom Today:

Don’t miss out on this once-in-a-lifetime chance to win an iVOOMi EV scooter and redefine your daily commute. Participate now and let the wheels of freedom take you to new horizons. Visit our website (www.ivoomienergy.com) or authorized retail stores to seize your opportunity today!

Manav Rachna International School (MRIS), India takes immense pride in the successful completion of its educational and sports tour in collaboration with Hampshire’s UK Elite Sports Group (UKESG). A group of 20 enthusiastic young students from MRIS Mohali and MRIS Ludhiana went on an extraordinary 8-day journey in the UK, experiencing a blend of excitement, learning, and invaluable life experiences.

The tour’s certificate awarding ceremony, held at Southampton’s esteemed Lord Mayor’s Parlour, in the distinguished presence of Councilor Valerie Laurent, Southampton’s esteemed Lord Mayor, who graced the event as the guest of honor.

The students gained crucial life skills and learnings, emphasizing the significance of teamwork, strategic thinking, and decision-making. UKESG CEO, Chris Vertannes, inspired young minds by highlighting their potential as future leaders and encouraged them to be respectful and responsible citizens.

ShriSarkarTalwar, Director Sports, MREI, expressed his excitement about the students getting this opportunity to explore and forge new connections. He quoted, “Sports is an integral part of a child’s overall development and at Manav Rachna, every sport is fostered with the same zeal and our sole mission is to make sports accessible to all. My regards to the UKESG team for giving these children the experience of a lifetime.”

The COO of UKESG, Lakbir Singh, reflected on the remarkable journey that began over four years ago. The collaboration between MRIS and UKESG has fostered meaningful relationships with leading academic institutions, government agencies, sporting partners, and stakeholders both in the UK and India.

The UK tour provided these young enthusiastic students with the experience of a lifetime which includes a visit to the renowned Sea City Museum in Southampton, where they delved into the historical saga of the Titanic through fascinating artifacts, visuals, and survivor stories.

Another memorable visit was to Solent University’s Sports Complex, where the students received valuable insights into higher education in the UK and the science behind sports. Dr. Dominic Cunliffe, the Head of the Department for Sports & Health, led an engaging guest lecture, enriching an understanding of real-world sports learning and injury treatment.

The custom-designed 8-day tour consists of sports coaching sessions with elite UKESG coaches, specialist training activities, residential training at the Peter Ashley Activity Center (PAAC), and the sightseeing experience across London and Southampton.

MRIS expresses its heartfelt gratitude to Southampton City Council, India Business Group (IBG), Peter Ashley Activity Center, Decathlon, Solent University, Havant& South Downs College, and Voice FM for their invaluable support and collaboration in making this tour a resounding success. We remain committed to providing our students with wonderful opportunities that ignite their passion for learning and growth.

Many people dream of studying abroad, but the process can be daunting, with numerous uncertainties surrounding college selection, courses, and accommodation options. However, worry not! We have compiled a list of five reliable overseas partners who can assist you in ensuring a smooth transition during your study abroad journey. With their expertise and guidance, you can overcome the challenges and make your dream of studying overseas a reality. Let’s explore these valuable partners who can make your study abroad experience an unforgettable one.

1. ESS Global – Your Reliable Education Consultant

ESS Global Private Limited, formerly known as Express Student Services, is a consultancy firm that provides recruitment services for students who wish to study abroad. Incepted in 2013, the company focuses on recruiting students for study abroad across various destinations like Australia, Canada, Europe, New Zealand, etc., and partners with various prestigious universities & colleges in these locations.

2. University Living – Your Accommodation Expert

 University Living Accommodation is a community-based global student housing managed marketplace, providing students with safe, comfortable, and affordable accommodation options across different countries.  They are a leading global provider and a pioneer of student accommodation in the Indian subcontinent, with an inventory of around 1.75 million beds in 300+ international student popular cities across the UK, Ireland, Australia, Europe, USA, and Canada covering 1000+ global universities. Their transparent booking process and support throughout your stay ensure a stress-free living experience.

3. Language Schools and Cultural Centers – Your Language and Integration Guide

For international students, language barriers and cultural differences can be significant challenges. This is where language schools and cultural centers become invaluable. Many study abroad programs and universities collaborate with language schools and cultural centers to provide language courses and integration programs. These partners help students improve their language skills, learn about the local culture, and assimilate more effectively into the new environment.

4. International Student Associations – Your Social Support Network

Moving to a foreign country can sometimes lead to feelings of isolation or homesickness. International student associations play a crucial role in providing a sense of community and support for students from all over the world. These associations organize various social events, workshops, and cultural activities, enabling students to make new friends, share experiences, and create lasting memories.

5.  Travel and Health Insurance Providers – Your Safety NetAbroad

When studying abroad, unforeseen circumstances such as accidents or illnesses can occur. Having comprehensive travel and health insurance is essential to ensure that you have a safety net in place while living in a foreign country. There are several reputable insurance providers that specialize in coverage for international students. These insurance partners offer a range of plans tailored to the specific needs of students studying abroad, providing peace of mind and financial protection during your stay.

Choosing the right overseas partners is vital for a successful study abroad journey. Along with language schools, cultural centers, international student associations, and travel/health insurance providers, can collectively make your experience abroad more enjoyable, secure, and rewarding. Remember to research and connect with these partners before embarking on your study abroad adventure to ensure a well-prepared and memorable experience.

Mumbai, 29th July 2023: Colliers released its Asia Pacific Cap Rates Report | Q2 2023, which that reflected most markets across the Asia Pacific region have showcased resilience over the past quarter. The office market continues to make waves with the back-to-office shift, but investors are still displaying a cautious approach given the global economic volatility. Office rentals have remained flat QoQ and vacancy levels have risen slightly.

The industrial segment, on the other hand, is witnessing augmented demand, driven by the flourishing e-commerce, manufacturing, retail, FMCG, and 3PL sectors.

“The rentals across major micro-markets have remained unchanged. Absorption and vacancy levels have remained stagnant Q-o-Q. However, with larger institutional players warehousing is seeing traction and offering better returns to investors as compared to other asset classes.”, says Ajay Sharma, Managing Director, Valuation Services.

Asia	Office			Retail			Industrial
	Low	High	QoQ	Low	High	QoQ	Low	High	QoQ
Mumbai	7.75%	8.75%	Up	7.50%	8.75%	Flat	7.00%	8.50%	Down
Bengaluru	8.50%	8.75%	Marginally up	9.75%	10.75%	Marginally up	7.00%	7.25%	Flat

While the cap rate still remains flat, the retail and hospitality sectors have been making a healthy comeback post-pandemic, owing to increased consumption, higher disposable income, and pent-up demand for business and leisure travel. “The Grade A space demand has remained consistent as previous quarters though the occupiers are taking cautious calls on the locations where the new stores are being opened leading to the challenging environment in certain micro-markets.”, adds Sharma.

Mumbai has emerged as the market with the most movement, reinforcing investor sentiment.

Mumbai, 29th July 2023: Colors Bangla and Colors Bangla Cinema are excited to host the World Television Premiere of the highly anticipated blockbuster film ‘Love Marriage’. A fresh release, which is still running in cinemas is set to air on 30th July on Colors Bangla at 2:00 pm and on Colors Bangla Cinema at 8:00 pm.

‘Love Marriage’ features an ensemble cast of talented actors including the versatile Ankush Hazra, the talented Oindrila Sen, the legendary Ranjit Mallik, and the esteemed Aparajita Adhya and the versatile Sohag Sen in pivotal roles. With their exceptional performances, they bring the romantic laughter riot to life, captivating audiences with their on-screen chemistry and engaging portrayal of comprehensible characters.

Speaking about the World Television Premiere, Sagnik Ghosh, Business Head, Colors Bangla and Colors Bangla Cinema states, “While the film is a fresh release and is still running in cinemas, we are thrilled to present ‘Love Marriage’ to the television audience through Colors Bangla and Colors Bangla Cinema. The film has received tremendous love from cinemagoers, and we are confident that it will captivate Television viewers who couldn’t make time to watch it in theatres.”

The film revolves around Dipu (Ankush Hazra), who finds himself deeply in love with Shaon (Oindrila Sen). However, their path to matrimony is riddled with obstacles as Dipu’s father (Ranjit Mallick) staunchly opposes the concept of love marriage. Determined to marry Shaon, Dipu manipulates his father to visit her home. To their surprise, they discover that Shaon’s mother (Aparajita Adhya) was Dipu’s father’s ex-girlfriend. This revelation rekindles their love and sets the stage for unexpected turns and a rollercoaster of emotions. Who will succeed in overcoming the challenges and unite in love? Dipu or his father?

‘Love Marriage’ is a delightful blend of romance, comedy and drama, exploring the complexities of relationships and the power of love. The film’s captivating narrative, coupled with stellar performances, promises an enthralling experience for viewers of all ages.

Colors Bangla and Colors Bangla Cinema continue their commitment to bring exceptional entertainment to audiences, showcasing a wide range of engaging content that resonates with viewers across Bengal. The World Television Premiere of ‘Love Marriage’ is a testament to the Channels’ dedication to providing quality programming that appeals to diverse audiences.

Mark your calendars and make sure not to miss the World Television Premiere of ‘Love Marriage’ on 30th July. Tune in to Colors Bangla at 2:00 pm and Colors Bangla Cinema at 8:00 pm for an unforgettable cinematic experience. For more updates and exciting content, follow Colors Bangla and Colors Bangla Cinema on their respective social media platforms.

29th July 2023 ICICI Prudential Life Insurance has launched ICICI Pru Protect N Gain, a unique product which offers a comprehensive life insurance cover, protection against accidental death and permanent disability due to an accident and market-linked returns to build long-term wealth and achieve financial goals.

The product provides a life insurance cover up to 100 times the annual premium and enables customers to maximise returns by offering 18 funds options spread across equity and debt to choose from. It provides customers the perfect blend of protection and long-term savings to achieve their financial goals by ensuring that there is complete financial protection for the family during the policy tenure and a significant lump sum for self on survival.

Additionally, the Company has simplified the buying process as per which policies can be issued based on declared income. Specifically, customers under the age of 45 are not required to undergo physical medical tests*.

The life cover or claim amount will be paid out as a lump sum to the beneficiary/nominee in case of the demise or permanent disability of the policyholder due to an accident, ensuring the family is not financially vulnerable.

Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance said, “We are delighted to launch ICICI Pru Protect N Gain, a unique product which offers customers a life cover up to 100 times the annual premium which safe-guards the financial savings goal of customers in case of any eventuality. Besides, the market-linked returns offered by this product, on the premiums invested can offer a large lumpsum to customers at the end of the policy tenure.

Planning for specific financial goals such as a child’s future education or saving for retirement are non-negotiable goals and necessitate long-term investments along with the flexibility to choose exposure to equity and debt based on the prevailing market conditions. We believethis product, offering the twin benefits of protection and wealth creationaddresses the fundamental needs of customers i.e. protection and long-term savings.

As a ‘Customer First’ brand, we have simplified the purchase process to provide a smooth and quick buying experience for customers.We have also leveraged technology to ensure all genuine death claims are settled speedily and beneficiaries receive the claim proceeds at the earliest. For FY2023, our average time to settle a genuine death claim stood at 1.2 days after receiving all documents.

We believe any earning individual with dependents should have adequate life insurance cover. ICICI Pru Protect N Gain is a step towards financially empowering individuals across all segments of society. This is in sync with our vision to build an enduring institution that serves the protection and long-term saving needs of customers with sensitivity.”

Profit After Tax at `5,797 crores up 41% YOY, consolidated ROE (annualized) at 19.44%, up 388 bps, driven by healthy business momentum and strong all round operating performance

• oConsolidated ROA at 1.83%, up 35 bps YOY with 3 bps contributed by subsidiaries
• o Net Interest Income grew 27% YOY and 2% QOQ, Net Interest Margin at 4.10%, up 50 bps YOY  o Fee income grew 28% YOY, Retail fee grew 37% YOY, granular fees at 94% of total fees
• oOperating revenues grew 38% YOY, Operating profit grew 50% YOY
• o On a QAB¹ CASA ratio stood at 44%, up 151 bps YOY and 31 bps QOQ, SA up 20% YOY &10% QOQ, CA up 17% YOY o Domestic advances up 26% YOY &2% QOQ, Retail up 21% YOY &2% QOQ, SME up 24% YOY, Corporate up 25% YOY o Overall CAR stood at 17.74% with CET 1 ratio of 14.38%, net accretion to CET-1 of 36 bps in Q1FY24 o GNPA% at 1.96% declined by 80 bps YOY, NNPA% at 0.41% declined by 23 bps YOY
• o1.11 million credit cards issued in Q1, CIF market share² of 14% as of Jun’23, spending up 78% YOY &28% QOQ o 2^nd largest player in Merchant Acquiring with market share of 18.4%, incremental share of 28% in last one year²
• The Board of Directors of Axis Bank Limited approved the financial results for the quarter 30^th June 2023 at its meeting held in Mumbai on Wednesday, 26^th July 2023.

This quarter, Axis Bank continued to build on its credo of creating customer delight through smart banking solutions. It was  the first private sector bank to launch ‘One-View’ on its Mobile Application, leveraging the Account Aggregator ecosystem.  The feature simplifies the process of managing finances for its customers, providing them access to multiple bank accounts  on a single platform, eliminating the need for multiple mobile banking applications.

The Bank also partnered with the RBI Innovation Hub. Leveraging India’s digital public infrastructure, it has launched digital  KCC and MSME loans, which are fully digital and enable customers to apply for and avail loans in under 5 minutes.

Advancing its digital agenda with the merchant community, the Bank introduced Sarathi – a digital onboarding platform enabling instant POS installations. This would significantly streamline and simplify the merchant acquisition process. It also partnered with Visa to launch ‘Digital Dukaan’, a comprehensive digital offering for merchants that empowers them to accept payments through various digital modes and also manage their day-to-day business digitally. The Bank has also enabled  RuPay Credit Card support on UPI for its customers.

Amitabh Chaudhry, MD&CEO, Axis Bank said, “We are striving to create a distinctive new age bank that provides  seamless banking solutions to customers, giving wings to their financial dreams and aspirations. We have been constantly  raising the bar – strengthening our digital capabilities and building on our robust pipeline of products and services, while  keeping customer centricity at the core of every initiative. With India’s strong macro environment supporting growth and  providing abundant opportunities, we are geared up and confident of delivering sustainable growth across all our priority  businesses.”

¹ Quarterly Average Basis; ² Based on RBI reported data as of Jun’23

Performance at a Glance 

• Strong operating performance
• oNet Interest Income grew 27% YOY and 2% QOQ, Non-interest income grew 74% YOY and 6% QOQ o Operating revenues grew 38% YOY and 3% QOQ, Operating profit grew 50% YOY
• consolidated ROE | ROA at 19.44% | 1.83%, up 388 bps and 35 YOY respectively
• subsidiaries contributed 27 bps | 3 bps to consolidated ROE | ROA respectively

Robust loan growth delivered across all business segments

•  Rural loans grew 22% YOY &1% QOQ, Small Business Banking loans grew 46% YOY &8% QOQ o Mid-Corporate (MC) book grew 38% YOY
• SBB + SME + MC mix at ₹1,72,589 crores| 20% of loans, up over 600 bps in last 3 years • Steady growth in granular deposits, early visibility of improving quality 
• On a QAB basis total deposits grew 15% | 6% and term deposits grew 12% | 5% on YOY | QOQ basis. o On MEB¹, deposits grew 17% YOY; SA grew 22% YOY, CA grew 23% YOY with CASA ratio at 46% up 182 bps YOY o Average LCR² during Q1FY24 was ~123%, outflow rates improved ~ 460 bps over last 2 years • Well capitalized with self-sustaining capital structure; adequate liquidity buffers
•  Overall capital adequacy ratio (CAR) including profit stood at 17.74% with CET 1 ratio of 14.38% oSelf-sustaining capital structure with net accretion to CET-1 of 36 bps in Q1FY24
• COVID provisions of `5,012 crores, not in CAR calculation provides additional cushion of ~50 bps  • Retaining strong position in Payments and Digital Banking
• Axis Mobile & Axis Pay have ~8.4mn non-Axis Bank customers
• 100+ digital partnerships across platforms and ecosystems; ~13 mncustomers on WhatsApp banking o Axis Mobile remains the world’s³ highest rated MB app on Google Play store with rating of 4.8; ~12 mnMAU⁴o Credit card CIF market share at 14%, Retail Card spends grew 100% YOY and 33% QOQ  •Declining gross NPA’s and slippages
• Gross NPA at 1.96% declined by 80 bps YOY & 6 bps QoQ, Net NPA at 0.41% declined 23 bps YOY  o PCR healthy at 80%; On an aggregated basis⁵, Coverage ratio at 145%
• Q1FY24 gross slippage ratio (annualized) at 1.87%, declined 18 bps YOY, net slippage ratio at 0.80% oQ1FY24 net credit cost (annualized) at 0.50%

Bank’s subsidiaries⁶ continue to deliver steady performance

•  Q1FY24 profit at `303 crores up 16% YoY, with a return on investment in domestic subsidiaries of 45% oAxis Finance Q1FY24 PAT grew 29% YOY to `123 crores; asset quality remains stable, CAR healthy at 18.6% oAxis AMC Q1FY24 PAT stood at `91 crores, Axis Securities Q1FY24 PAT grew 14% YOY to `45 croreso Axis Capital executed 14 investment banking deals in Q1FY24
• ¹ MEB – Month End Balance, ²Liquidity Coverage Ratio ³across 64 global banks, 82 fintechs and 9 neo banks with 2 mn+ reviews
• ⁴ Monthly active users, engaging in financial and non-financial transactions,
• ⁵(specific+ standard+ additional + COVID) ⁶ Figures of subsidiaries are as per Indian GAAP, as used for consolidated financial statements of the Group

2

 

Profit & Loss Account: Period ended 30^th June 2023

Operating Profit and Net Profit

The Bank’s operating profit for the quarter grew 50% YOY to `8,814 crores. Core Operating profit for Q1FY24 grew 27%  YOY to `8,295 crores. Net profit at `5,797 crores in Q1FY24 grew by 41% YOY.

Net Interest Income and Net Interest Margin

The Bank’s Net Interest Income (NII) grew 27% YOY and 2% QOQ to `11,959 crores. Net interest margin (NIM) for Q1FY24 stood at 4.10%, up 50 bps YOY.

Other Income

Fee income for Q1FY24 grew 28% YOY to `4,488 crores. Retail fees grew 37% YOY and 1% QOQ; and constituted 70%  of the Bank’s total fee income. Retail cards and payments fee grew 53% YOY and 17% QOQ. Retail Assets (excluding  cards and payments) fee grew 22% YOY. The Corporate & Commercial banking fees together grew 12% YOY to `1,342 crores. The trading gains for the quarter stood at `519 crores; miscellaneous income in Q1FY24 stood at `80 crores. Overall,  non-interest income (comprising of fee, trading profit and miscellaneous income) for Q1FY24 grew 74% YOY and 6% QOQ  to `5,087 crores.

Provisions and contingencies

Provision and contingencies for Q1FY24 stood at `1,035 crores. Specific loan loss provisions for Q1FY24 stood at `1,146 crores. The Bank has not utilized Covid provisions during the quarter. The Bank holds cumulative provisions (standard +  additional other than NPA) of `11,848 crores at the end of Q1FY24. It is pertinent to note that this is over and above the  NPA provisioning included in our PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.39% as of 30^th June, 2023. On an aggregated basis, our provision coverage ratio (including specific + standard +  additional + Covid provisions) stands at 145% of GNPA as of 30^th June, 2023. Credit cost for the quarter ended 30^th June 2023 stood at 0.50%.

Balance Sheet: As of 30^th June 2023

The Bank’s balance sheet grew 13% YOY and stood at `13,02,839crores as on 30^th June 2023. The total deposits grew  17% YOY on the period-end basis, within which savings account deposits grew 22% YOY, current account deposits grew 23%  YOY, and total term deposits grew 13% YOY and 2% QOQ. The share of CASA deposits in total deposits stood at 46%, up  182 bps YOY. On a QAB basis, total deposits grew 15% YOY and 6% QOQ, within which savings account deposits grew  20% YOY and 10% QOQ, current account deposits grew 17% YOY; and total term deposits grew 12% YOY and 5% QOQ.

The Bank’s advances grew 22% YOY and 2% QOQ to `8,58,511crores as on 30<sup>th</sup> June 2023. Domestic net loans grew  26% YOY and 2% QOQ. Retail loans grew 21% YOY and 2% QOQ to `4,97,810crores and accounted for 58% of the net advances of the Bank. The share of secured retail loans was ~ 77%, with home loans comprising 32% of the retail book. Home loans grew 8% YOY, Personal loans grew 21% YOY, Credit card advances grew 91% YOY, Small Business Banking

(SBB) grew 46% YOY and 8% QOQ, and the rural loan portfolio grew 22% YOY and 1% QOQ. SME book remains well diversified across geographies and sectors and grew 24% YOY to `87,658 crores. Corporate loan book grew 25% YOY and  2% QOQ to `2,73,043 crores of which domestic corporate books grew 36% YOY and 4% QOQ. The mid-corporate book grew  38% YOY. 89% of the corporate book is now rated A- and above with 89% of incremental sanctions in Q1FY24 being to corporates rated A- and above.

The book value of the Bank’s Investments portfolio as on 30^th June 2023, was `2,85,397crores, of which `2,29,469 crores were in government securities, while `47,761 crores were invested in corporate bonds and `8,167 crores in other securities such as equities, mutual funds, etc. Out of these, 73% are in Held till Maturity (HTM) category, while 25% of investments are Available for Sale (AFS) and 2% are in Held for Trading (HFT) category.

Payments and Digital

The Bank issued 1.11 million new credit cards in Q1FY24. The Bank has been one of the highest credit card issuers in the country over the last six quarters and has gained an incremental CIF market share of 14% in the last six months¹. The Bank continues to remain among the top players in the Retail Digital banking space.

• 95% – Share of digital transactions in the Bank’s total financial transactions by individual customers in Q1FY24 • 76% – New mutual fund SIPs sourced (by volume) through digital channels in Q1FY24
• 72% – Individual Retail term deposits (by volume) opened digitally in Q1FY24
• 70% – SA accounts opened through tab banking in Q1FY24
• 48% – YOY growth in total UPI transaction value in Q1FY24
• 40% – YOY growth in mobile banking transaction volumes in Q1FY24

The Bank’s focus remains on reimagining end-to-end journeys and transforming the core and becoming a partner of choice for ecosystems. Axis Mobile is among the world’s* highest rated mobile banking apps on the Google Play store with rating of 4.8  and over 2 million reviews. The Bank’s mobile app continues to see strong growth, with Monthly Active Users of ~12 million and nearly ~8.4 million non-Axis Bank customers using Axis Mobile and Axis Pay apps. The Bank has been among the first to go live on Account Aggregator (AA) network and has seen strong initial traction in AA-based digital lending. The Bank now has over 100+ partnerships across platforms and ecosystems and has 400+ APIs hosted on its API Developer Portal.

On WhatsApp banking, the Bank now has over 13 million customers on board since its launch in 2021.

Wealth Management Business – Burgundy

• The Bank’s wealth management business is among the largest in India with assets under management (AUM) of `4,28,885crores as at the end of 30<sup>th</sup> June 2023. Burgundy Private, the Bank’s proposition for high and ultra-high-net-worth clients, covers 9,135 families. The AUM for Burgundy Private increased 87% YOY to `1,59,962crores.
• as per RBI reported data as of Jun’23
•  across 64 global banks, 82 fintech, and 9 neo banks on Google Playstore
• across 59 global banks, 8 global neo banks, and 50 Indian fintech apps on Google Play store with 2 mn+ reviews

 Capital Adequacy and Shareholders’ Funds

The shareholders’ funds of the Bank grew 10% YOY and stood at `1,30,950crores as on 30<sup>th</sup> June 2023. As on 30<sup>th</sup> June 2023, the Capital Adequacy Ratio (CAR) and CET1 ratio including profit for Q1 was 17.74% and 14.38% respectively. Additionally, the Bank held `5,012 crores of COVID provisions, not considered for CAR calculation, providing a cushion of  ~50 bps over the reported CAR. The Bank now has a self-sustaining capital structure to fund growth, with net capital accretion through profits to CET-1 of 36 bps for the Q1FY24. The Book value per equity share increased from `389 as of 30th June, 2022 to `425 as of 30^th June 2023.

Asset Quality

As of 30^th June 2023 the Bank’s reported Gross NPA and Net NPA levels were 1.96% and 0.41% respectively as against  2.02% and 0.39% as on 31^st March, 2023.

Recoveries from written off accounts for the quarter was `554 crores. Reported net slippages in the quarter adjusted for  recoveries from written off pool was `1,131 crores, of which retail was `1,639 crores, CBG was negative `10 crores and  Wholesale was negative `498 crores.

Gross slippages during the quarter were `3,990 crores, compared to `3,375 crores in Q4FY23 and `3,684 croresin  Q1FY23. Recoveries and upgrades from NPAs during the quarter were `2,305 crores. The Bank in the quarter wrote off  NPAs aggregating `2,131 crores.

As on 30^th June, 2023, the Bank’s provision coverage, as a proportion of Gross NPAs stood at 80%, as compared to 77%  as at 30^th June, 2022.

The fund based outstanding of standard restructured loans implemented under resolution framework for COVID-19 related  stress (Covid 1.0 and Covid 2.0) declined during the quarter and as at 30^th June, 2023 stood at `1,907 crores that translates  to 0.21% of the gross customer assets. The Bank carries a provision of ~ 21% on restructured loans, which is in excess of  regulatory limits.

Network

As on 30^th June, 2023, the Bank had a network of 4,945 domestic branches and extension counters situated in 2,754 centres  compared to 4,759 domestic branches and extension counters situated in 2,702 centres as at 30^th June, 2022. As on 30^thJune, 2023, the Bank had 15,798 ATMs and cash recyclers spread across the country. The Bank’s Axis Virtual Centre is  present across six centres with over 1,500 Virtual Relationship Managers as on 30^th June 2023.

Key Subsidiaries’ Performance

The Bank’s subsidiaries delivered steady performance with Q1FY24 PAT of `303 crores, up 16% YOY.

• Axis Finance: Axis Finance has been investing in building a strong customer focused franchise. Its overall AUM grew 28% YOY. Retail book grew ~1.5 times and constituted 43% of total loans, up from 6% three years ago. The

5

focus in its wholesale business continues to be on well rated companies and cash flow backed transactions. Axis  Finance remains well capitalized with total Capital Adequacy Ratio of 18.6%. The book quality remains strong with  net NPA at 0.38%. Axis Finance Q1FY24 PAT was `123 crores, up 29% YOY from `95 crores in Q1FY23.

• Axis AMC: Axis AMC’s overall AUM grew 13% YOY to `2,52,203crores. Its Q1FY24 PAT stood at `91 crores. • Axis Capital: Axis Capital completed 14 investment banking transactions in Q1FY24.
• Axis Securities: Axis Securities’ broking revenues for Q1FY24 grew 24% YOY to `195 crores. Its Q1FY24 PAT grew 14% YOY and stood at `45 crores.

6

` crore

Financial Performance	Q1FY24	Q1FY23	% Growth
Net Interest Income	11,959	9,384	27%
Other Income	5,087	2,928	74%
– Fee Income	4,488	3,505	28%
– Trading Income	519	(667)	–
– Miscellaneous Income	80	90	(11%)
Operating Revenue	17,046	12,312	38%
Core Operating Revenue#	16,527	12,980	27%
Operating Expenses	8,232	6,425	28%
Operating Profit	8,814	5,887	50%
Core Operating Profit#	8,295	6,554	27%
Net Profit	5,797	4,125	41%
EPS Diluted (`) annualized	75.40	53.76
Return on Average Assets (annualized)	1.80%	1.44%
Return on Equity (annualized)	19.17%	15.07%

# excluding trading income

 ` crore

Balance Sheet	As on	As on
	30th June’23	30th June’22
CAPITAL AND LIABILITIES
Capital	616	614
Reserves & Surplus	1,30,334	1,18,764
Employee Stock Options Outstanding	543	230
Deposits	9,41,690	8,03,736
Borrowings	1,72,176	1,70,605
Other Liabilities and Provisions	57,480	58,796
Total	13,02,839	11,52,745
ASSETS
Cash and Balances with RBI and Banks and Money at Call and Short Notice	83,561	65,067
Investments	2,85,397	2,97,765
Advances	8,58,511	7,01,295
Fixed Assets	5,067	4,655
Other Assets	70,303	83,963
Total	13,02,839	11,52,745

Note – Prior period numbers have been regrouped as applicable for comparison.

7

` crore

Business Performance	As on	As on	% Growth
	30th June’23	30th June’22
Total Deposits (i)+(ii)	9,41,690	8,03,736	17%
(i) CASA Deposits	4,28,799	3,51,358	22%
– Savings Bank Deposits	2,95,530	2,43,093	22%
– Current Account Deposits	1,33,269	1,08,265	23%
CASA Deposits as % of Total Deposits	46%	44%
(ii) Term Deposits	5,12,891	4,52,378	13%
– Retail Term Deposits	3,18,484	2,85,482	12%
– Non Retail Term Deposits	1,94,407	1,66,896	16%
CASA Deposits on a Quarterly Daily Average Basis  (QAB)	3,97,859	3,34,376	19%
CASA Deposits as % of Total Deposits (QAB)	44%	43%
Net Advances (a) +(b) + (c)	8,58,511	7,01,295	22%
(a) Corporate	2,73,043	2,17,757	25%
(b) SME	87,658	70,690	24%
(c) Retail	4,97,810	4,12,848	21%
Investments	2,85,397	2,97,765	(4%)
Balance Sheet Size	13,02,839	11,52,745	13%
Gross NPA as % of Gross Customer Assets	1.96%	2.76%
Net NPA as % of Net Customer Assets	0.41%	0.64%
Equity Capital	616	614	0.3%
Shareholders’ Funds	1,30,950	1,19,378	10%
Capital Adequacy Ratio (Basel III)	17.08%	17.28%
– Tier I	14.24%	15.24%
– Tier II	2.84%	2.04%
Capital Adequacy Ratio (Basel III) (incl. profit)	17.74%	17.83%
– Tier I	14.90%	15.79%
– Tier II	2.84%	2.04%

9

Bangalore,29th July 2023: YES BANK today, announced the launch of UPI payments through RuPay Credit Cards. With this, customers can now link their YES BANK RuPay Credit Card with UPI-enabled apps such as BHIM, PhonePe, Paytm, Google Pay, Slice, MobiKwik, and PayZapp, among others, making credit card-based transactions easier with enhanced security.

The launch of UPI Payments through RuPay Credit Cards empowers customers to now enjoy the ‘credit-free’ period feature on a UPI platform, which was earlier only limited to POS/eCom-based transactions. Any existing YES BANK Credit Card customer who does not have a RuPay Credit Card can avail a virtual YES BANK RuPay Credit Card and link it with their existing UPI app.

Enabling UPI on RuPay Credit Cards is a revolutionary initiative in the field of payments as this will offer multiple advantages to the customer and increase payment acceptability across millions of merchants who are available on the UPI platform, while also extending the benefits of a credit card.

Speaking about the launch, Mr. Rajan Pental, Executive Director, YES BANK, said, “Today, YES BANK powers nearly 40% of all the UPI merchant transactions in the country. Given our digital prowess, over the years, we have built capabilities that can power digital transactions at scale, thereby impacting the lives of millions of customers. The launch of our UPI payments facility on RuPay Credit Cards is a testament to the effort, through which, we aim to provide customers with a rewarding and convenient banking experience.  With this collaboration, we aim to further strengthen India’s march towards establishing a digitally empowered economy, while providing a safe, secure, and seamless payment experience for customers.”

Commenting on the launch, Ms. Praveena Rai, Chief Operating Officer, NPCI, said, “We are delighted to onboard YES BANK RuPay Credit Card customers to experience this cutting-edge digital payments solution that combines the convenience of UPI with the benefits and rewards of RuPay Credit Cards. With the integration of YES BANK RuPay Credit Card on UPI, individuals can make seamless transactions across online and offline platforms on RuPay’s highly secure network, eliminating the necessity of physically carrying their card. As the demand for credit cards continues to rise in the country, RuPay Credit Card on UPI is changing the perception of credit consumption and has the potential to deepen credit penetration, particularly in semi-urban and rural areas”.

In addition to the convenience and ease of UPI transactions, users of YES BANK RuPay Credit Card can avail the following benefits:

• Safety and security: UPI payments on YES BANK RuPay Credit Cards are safeguarded with robust security measures, ensuring the protection of customers’ financial data.
• Reward points: Customers can earn attractive reward points on UPI transactions.
• Credit-free period functionality: Leveraging the credit-free period feature of Credit Cards, customers can now manage their finances efficiently even when they use UPI.
• Consolidated billing: YES BANK offers the convenience of settling the consolidated bill of UPI payments once a month through the Credit Card statement, simplifying financial management for customers.

Steps to link YES BANK RuPay Credit Cards on UPI:

• Tap on the profile icon / bank account icon
• Click on the link ‘RuPay Credit Card’ option
• Select ‘YES BANK’ from the dropdown of bank names
• Find ‘YES BANK RuPay Credit Card’ and verify