Axis Bank sees 34.8% attrition rate in FY23, higher than FY22 and FY21

CEO Amitabh Chaudhry said attrition an industry-wise issue and the bank is making constant efforts to check high attrition

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26 Aug, 2025 12:21

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Axis Bank, which saw employee attrition of 34.8 percent in FY23, is making ‘constant efforts’ to check the high attrition rate, the private lender's Managing Director and Chief Executive Officer Amitabh Chaudhry said on July 26.

The 34.8 percent rate was higher than Axis Bank's FY22 and FY21 attrition,  that stood at 31.6 percent and 19.1 percent, respectively.

Chaudhry, in a post-results media call, highlighted that attrition is an industry-wise issue and Axis is making efforts to work on the same.

“Attrition is an industry-wise issue. We are constantly working to make more efforts to work on less attrition, but it is the reality of the industry,” said Chaudhry.

Axis Bank has seen maximum attrition at around 33-35 percent at the junior and branch level, said Chaudhry.

Whereas, after the acquisition of Citi Bank India’s retail operations, around 3200 employees joined the company. On this, Chaudhry said that attrition of these employees is lower than what it was in CitiBank India.

“Attrition of the Citi Bank employees is lower at Axis Bank than in the past three years in CitiBank India,” Chaudhry said.

In the annual report of the bank, the lender saw its attrition in FY23 at 34.8 percent, higher than FY22 and FY21 when the attrition rate was at 31.6 percent and 19.1, respectively.

Also read: Axis Bank Q1 Results: Net profit grows 40%, asset quality improves

Axis Bank on July 26 reported a 40 percent rise in net profit to Rs 5,790 crore for the April-June FY24 quarter from Rs 4,125 crore last year.

According to a poll of three brokerages conducted by Moneycontrol, the bank was expected to report a net profit of Rs 5,889 crore. The lender missed analyst expectations.

The bank’s net interest income (NII) grew 27 percent year-on-year (YOY) to Rs 11,959 crore. Net interest margin (NIM) for Q1FY24 stood at 4.10 percent, up 50 bps YOY.

The gross non-performing assets (GNPA) of the bank declined to 1.96 percent as compared with 2.76 percent last year.