A Case Study on NPA Management and

Loan Recovery Strategy of Axis Bank, Post

the Demonetisation: An Application of the
McKinsey 7S Model

Robin Thomas
Ph.D. Research Scholar-Management, Devi Ahilya University, Indore

INTRODUCTION
The case explores and comparatively analyses the loan recovery and NPA
management strategy employed by Axis Bank and its private peers through the
McKinsey 7S framework. The case also presents the SWOT analysis for Axis Bank

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through the assessing lens of bank‘s NPA Management and Asset Quality. The case

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study presents a brief profile of Axis Bank followed by key financial highlights and

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key financial ratios of the bank for five year period from FY 2013 to FY 2017. The

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case throws light and briefly discusses about the Strategic Intent‘ of the bank while
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underlining its Mission‘ and Vision‘. The Business Model of the bank is also
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discussed so as to develop an understanding about the business structure of the

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bank. This is followed by relevant business environment for the bank (particularly for
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FY‘17 and FY‘18). Further the case presents the SWOT Analysis of the bank in the
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backdrop of its NPA Management efforts and reported Asset Quality. This is followed
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by a brief discussion on NPA statistics of the bank and concludes in the comparative
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presentation of bank‘s Loan Recovery Strategy through the McKinsey 7S Framework.

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A BRIEF PROFILE OF THE AXIS BANK

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Axis Bank is the third largest private sector bank in India. The Bank offers the entire
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spectrum of financial services to customer segments covering Large and Mid-

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Corporates, MSME, Agriculture and Retail Businesses.

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The bank has a footprint of 3,304 domestic branches (including extension counters)
and 14,163 ATMs across the country as on 31st March 2017. The overseas
operations of the Bank are spread over nine international offices with branches at
Singapore, Hong Kong, Dubai (at the DIFC), Colombo and Shanghai; representative
offices at Dhaka, Dubai, Abu Dhabi and an overseas subsidiary at London, UK. The
international offices focus on corporate lending, trade finance, syndication,
investment banking and liability businesses.
Axis Bank is one of the first new generation private sector banks to have begun
operations in 1994. The Bank was promoted in 1993, jointly by Specified
Undertaking of Unit Trust of India (SUUTI) (then known as Unit Trust of India), Life

[63]
 International Conference on Digital Innovation: Meeting the Business Challenges

Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC),

National Insurance Company Ltd., The New India Assurance Company Ltd., The
Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The
shareholding of Unit Trust of India was subsequently transferred to SUUTI, an entity
established in 2003.
With a balance sheet size of Rs. 6,01,468 crores as on 31st March 2017, Axis Bank
has achieved consistent growth and with a 5 year CAGR (2011-12 to 2016-17) of
16% in Total Assets, 13% in Total Deposits, 17% in Total Advances.
Table 1: Financial Highlights
Standalone Profit & Loss Account–Axis Bank Ltd.(Rs. Crore)
Mar '17 Mar '16 Mar '15 Mar '14 Mar '13
Income

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Interest Earned 44,542.16 40,988.04 35,478.60 30,641.16 27,182.57

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Other Income 11,691.31 9,371.46 8,365.05 7,405.22 6,551.11

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Total Income 56,233.47 50,359.50 43,843.65 38,046.38 33,733.68

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Expenditure

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Interest expended 26,449.04 24,155.07 O sy te
21,254.46 18,689.52 17,516.31
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Employee Cost 3,891.86 3,376.01 3,114.97 2,601.35 2,376.98

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Selling, Admin & 21,704.49 14,160.85 11,710.72 10,173.91 8,309.22

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Misc. Expenses
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Depreciation 508.8 443.91 405.67 363.93 351.73

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Operating 12,199.91 10,100.82 9,203.74 7,900.77 6,914.23

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Expenses
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Provisions & 13,905.24 7,879.95 6,027.62 5,238.42 4,123.70

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Contingencies
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Total Expenses 52,554.19 42,135.84 36,485.82 31,828.71 28,554.24

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Source: /www.moneycontrol.com
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Table 2: Consolidated Key Financial Ratios

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Profitability Ratios Mar '17 Mar '16 Mar '15 Mar '14 Mar '13
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Interest Spread 6.78 6.75 7.32 7.61 7.89

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Adjusted Cash Margin (%) 29.36 36.55 37.48 37.53 36.5

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Net Profit Margin 8.75 20.16 20.84 20.53 19.24

Return on Long Term Fund (%) 80.1 87.73 92.04 93.62 96.41
Return on Net Worth (%) 7.01 15.58 16.56 16.43 15.78
Adjusted Return on Net Worth (%) 29.06 34.19 36.23 36.65 36.39
Return on Assets Excluding Revaluations 235.66 224.93 189.62 817.21 708.58
Return on Assets Including Revaluations 235.66 224.93 189.62 817.21 708.58
Management Efficiency Ratios
Interest Income/ Total Funds 7.9 8.29 8.37 8.46 8.69
Net Interest Income/ Total Funds 3.22 3.42 3.37 3.31 3.1
Non Interest Income/ Total Funds 2.17 1.99 2.07 2.14 2.18
Interest Expended/ Total Funds 4.69 4.87 5 5.15 5.6
Operating Expense/ Total Funds 2.13 2.03 2.15 2.16 2.17

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 A Case Study on NPA Management and Loan Recovery Strategy of Axis Bank

Profitability Ratios Mar '17 Mar '16 Mar '15 Mar '14 Mar '13
Profit Before Provisions/ Total Funds 3.16 3.28 3.19 3.19 3
Net Profit/ Total Funds 0.69 1.67 1.75 1.74 1.67
Loans Turnover 0.12 0.13 0.14 0.14 0.15
Total Income/ Capital Employed (%) 10.07 10.28 10.44 10.59 10.87
Interest Expended/ Capital Employed (%) 4.69 4.87 5 5.15 5.6
Total Assets Turnover Ratios 0.08 0.08 0.08 0.08 0.09
Asset Turnover Ratio 0.08 0.09 0.09 0.09 0.09
Profit And Loss Account Ratios
Interest Expended/ Interest Earned 59.3 58.79 59.73 60.85 64.38
Other Income/ Total Income 21.57 19.38 19.83 20.17 20.08
Operating Expense/ Total Income 21.18 19.76 20.62 20.35 19.93
Selling Distribution Cost Composition 0.31 0.22 -- -- --
Balance Sheet Ratios
Capital Adequacy Ratio -- -- -- -- --

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Advances/ Loans Funds (%) 76.97 79.28 76.89 73.83 71.59

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Debt Coverage Ratios

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Credit Deposit Ratio 93.85 92.44 85.74 80.6 77.68

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Investment Deposit Ratio 32.45 37.5 40.88 42.51 43.69

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Cash Deposit Ratio 6.88 6.2 6.12 5.98 5.4
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Total Debt to Owners Fund 9.35 8.64 9.05 8.68 8.93

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Financial Charges Coverage Ratio 2.16 2.1 2.07 2.05 1.95

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Financial Charges Coverage Ratio Post Tax 1.17 1.36 1.37 1.36 1.32
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Source: /www.moneycontrol.com
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STRATEGIC INTENT OF THE BANK

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The long-term intent of the bank is to partner with customers in their progress -
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fulfilling and enriching their financial journeys. The bank deliberates that to remain
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relevant in the financial services industry of the future; banks need to embrace
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Customer Experience design as a core component of their business model and that
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the Customers compare banks not with other banks, but with the most powerful
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experiences they have with any service provider across industries. And thus the core
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values of the bank are built upon ―customer-first attitude.

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1. Vision of the bank is to be the preferred financial solutions provider excelling

in customer delivery through insight, empowered employees and smart use
of technology abiding to core values of:
 Customer Centricity
 Ethics
 Transparency
 Teamwork, and
 Ownership

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 International Conference on Digital Innovation: Meeting the Business Challenges

2. Mission
Bank‘s Retail Banking segment encompasses a wide array of products and services
across deposits, loans, investments and payment solutions, which are delivered through
multiple channels to the Bank‘s customers. It caters to end-to-end retail customer
requirements through retail liabilities, retail lending and investment products.
The bank pursues customer centric approach in its Retail Banking business while
aiming at the Life Cycle ‘financial needs of the customers through innovative
products and services. To build its Retail Deposit franchise the Bank pursues
customer segmentation strategy. The bank offers complete set of financial services for
its NRI and Affluent Segments through its subsidiaries such as providing Succession
and Estate planning, term insurance, health insurance, portfolio management
services and credit cards. In Retail Lending and Payments, the bank has three fold

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focuses–cross-selling, rural lending and fee income on retail payments.

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The bank provides comprehensive corporate banking solutions with presence across

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the value chain, comprising credit, transaction banking, treasury, syndication,
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investment banking and trustee services.
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BUSINESS MODEL
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1. Distribution Network: The bank has a footprint of 3,304 domestic branches

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(including extension counters) and 14,163 ATMs across the country as on

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31st March 2017. The overseas operations of the Bank are spread over nine
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international offices with branches at Singapore, Hong Kong, Dubai (at the
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DIFC), Colombo and Shanghai; representative offices at Dhaka, Dubai, Abu

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Dhabi and an overseas subsidiary at London, UK. The international offices

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focus on corporate lending, trade finance, syndication, and investment

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banking and liability businesses.

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2. The Business Model of bank has a four dimensional focus and operates in
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four segments viz. i) Retail Banking, ii) Corporate Banking, iii) International
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Banking and

TREASURY
I. Retail Banking: The Retail Banking segment continues to be a key driver of
the Bank‘s overall growth strategy. It encompasses a wide array of products
and services across deposits, loans, investments and payment solutions
which are delivered through multiple channels to the Bank‘s customers. The
Bank has over the years developed long-term relationships with its customers
by being their preferred financial solutions partner on account of its excellent
customer delivery through insights and superior services. The Bank has also

[66]
 A Case Study on NPA Management and Loan Recovery Strategy of Axis Bank

succeeded in making banking simple for masses by smart use of technology.

The Bank has always focused on meeting the financial need so fits customers
by providing high quality products and services through regular customer
engagement in convenient manner.
II. Corporate Banking: The Bank‘s strategy in Corporate Banking Segment is
corporate client relationship model introduced in earlier years has been
further entrenched. The Bank continued its focus on transactional business
comprising of trade finance, cash management, remittances etc. and has
further strengthened its processes and controls apart from investing in
technology platforms to enable seamless transaction experience on digital
channels introduced by the Bank for its corporate clients. This has enabled
an increase in the Bank‘s wallet share in a wide range of banking products

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with its corporate customers.

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III. International Banking: The International Banking strategy of the Bank

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continues to revolve around leveraging its relations with corporates in India

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and Non-resident Indians, while providing banking solutions at overseas
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centres. The Bank, through its international operations, leverages the skills
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and strengths built in its domestic operations. It also widens the horizon of
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the product offerings covering a varied spectrum of corporate and retail

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banking solutions across client segments in various geographies. The Bank

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has established its presence at strategic international financial hubs in seven

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countries. The global landscape of the Bank consists of five branches at

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Singapore, Hong Kong, Dubai International Financial Centre (DIFC)–UAE,

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Colombo (Sri Lanka) and Shanghai (China); three representative offices at

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Dubai, Abu Dhabi (both in UAE) and Dhaka (Bangladesh); and an overseas
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banking subsidiary in the United Kingdom. The representative office at

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Dhaka was inaugurated during the current financial year.

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IV. Treasury: The Bank‘s Treasury business comprises Asset Liability

Management (ALM), Correspondent banking activitiy, Foreign exchange and
derivatives trading, bullion business, Investments in SLR and Non-SLR
securities, and arranger ship business. The ALM group manages the
regulatory requirements of CRR, SLR and Liquidity Coverage Ratio (LCR).
The group also manages the liquidity, interest rate and currency risks in the
Bank‘s portfolio, under the guidance of the Asset Liability Committee
(ALCO) of the Bank. ALM is responsible for overall liquidity management of
the domestic book and longer term liquidity management of the overseas
branches across geographies.

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 International Conference on Digital Innovation: Meeting the Business Challenges

RELEVANT BUSINESS ENVIRONMENT

Unexpected change–It‘s the phrase that best captures the essence of the year (FY‘17)
gone by. Be it the unexpected political changes around the world or the surprise
Demonetisation drive back home. The traditional financial landscape in India is
getting transformed rapidly; there is a visible shift from informal to formal channels.
India‘s macroeconomic fundamentals continued to improve last year on the back of
a stable monetary policy which has been very well complemented by the
Government by taking significant policy initiatives. From the banking sector
perspective however, last year FY‘17 continued to be challenging. While the asset
quality situation remains concentrated in a few sectors, banks had a new situation to
contend with–that of high liquidity and very low corporate credit demand.
The year 2017 was marked by heightened global political uncertainty, with

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unexpected outcomes–the UK‘s Brexit referendum, the US Presidential election.

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However, global growth prospects have actually improved and fears of deflation

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have receded helped by rising commodity prices and hopes of fiscal stimulus in the

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US. Higher commodity prices augur well for our domestic commodity producers, as
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well as many commodity exporting emerging economies. This has led to a change in
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stance in the monetary policy of many countries, with the US Fed raising rates at its
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March ‘17 meeting and indicating the possibility of more action in 2017.
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India‘s macro fundamentals have remained stable, reinforced by concerted policy

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efforts by the government. Measures to control food prices and judicious use of
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monetary policy levers by RBI have kept inflation low throughout FY17, permitting
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RBI to cut rates by 50 basis points (to 6.25%) during the first half of the year. Even
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though rates have not been cut thereafter, the shift in RBI‘s liquidity stance from
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deficit to neutral early in FY17 and then the massive infusion of deposits into banks
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post extraction of high denomination currency notes, have brought money market
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interest rates sharply lower and facilitated deep cuts in banks‘ MCLR. After 2 years of
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drought, the monsoon was good in 2017, significantly improving agricultural

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prospects. Food prices, particularly pulses, came off and helped bring headline CPI
inflation down to average 4.5% in FY17. This along with the implementation of 7th
Pay Commission, helped in reviving rural and urban domestic demand. There was a
transient shock for a couple of months in Q3 FY17, but economic activity has
resumed to normalcy towards the end of Q4FY17. India‘s FY17 GDP growth
stood at 7.1%.
The primary concern is the slowdown in capex activity, which has caused corporate
credit demand to remain subdued, and post-demonetisation, non-food YOY credit
growth dropped further to sub-5% levels. The Union budget continued to strive
towards fiscal consolidation, fixing a fiscal deficit target of 3.2% in FY18, down from

[68]
 A Case Study on NPA Management and Loan Recovery Strategy of Axis Bank

the 3.5% in FY17. However, State Government borrowings grew in FY17, leading to
a vitiation in consolidated Government fiscal rectitude. However, capital
expenditures have increased in the Union Budget, both in actual terms in FY17 and
projected FY18, which will partially offset the drop in private capex.

SWOT ANALYSIS (FY’2017)

1. Challenges
• High liquidity and very low corporate credit demand (2016-2017, a
resultant of demonetisation).
• The corporate loan book witnessed significant asset quality challenges.
• Increased NPA result in higher provisioning requirements.

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2. Strengths

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• Adequate Capitalization Ratios

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• Healthy operating revenue growth
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• Steady operating profit growth

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• Controlled Risk Parameters

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• Retail Assets remained the main growth engine

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3. Weakness
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• Weak Corporate Loan Book

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• Subdued Earnings through Corporate Franchise

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• Eroding profits due to higher provisions

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4. Opportunities
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• The Bank‘s cross-sell metrics too have been steadily improving, aided by
big data led analytics of the retail customer base.
• This was substantiated by strong retail assets growth from existing deposit
customers and healthy growth in retail fee income from distribution of
investment and insurance products.
5. Threats
• Slow pace of NPA resolutions.
• Further weakness in infrastructure, steel and power sector loans.

[69]
 International Conference on Digital Innovation: Meeting the Business Challenges

NPA MANAGEMENT BY THE BANK

At the start of fiscal 2017, the Bank published a Watch List of accounts that the
Management assessed to be the key source of stress in Corporate Lending book over
the next 2 years. To begin with, almost half of the Watch List accounts comprised of
stressed sectors like power and iron and steel with fund based outstanding of Rs.
22,628 crores and non-fund based outstanding of Rs. 2,626 crores. During the year
the Bank added Rs. 19,106 crores of corporate slippages of which Rs.16,112 crores
came from the Watch List. Resultantly the size of the Watch List reduced to 42% with
fund based outstanding of 9,436 crores and non-fund based outstanding of Rs.
1,796 crores as on 31 March, 2017. Watch List as proportion of customer assets
reduced from 6.20% as on 31 March, 2016 to 2.20% as on 31 March, 2017. Higher
slippages from the Watch List led to material rise in asset quality metrics. During the
year the Bank added Rs.21,782 crores as fresh addition to Gross NPAs with the

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Bank‘s ratio of Gross NPAs to gross customer assets increasing to 5.04%, at the end

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of March 2017 from 1.67% as at end of March 2016. The Bank added Rs.17,415

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crores to Net NPAs after adjusting for recoveries and up gradations of Rs.2,001
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crores and Rs. 2,366 crores respectively and the Bank‘s Net NPA ratio (Net NPAs as
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percentage of net customer assets) increased to 2.11% from 0.70%. The Bank‘s
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provision coverage stood at 65% after considering prudential write-offs. The net
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restructured book stood at Rs. 5,379 crores and net restructured assets ratio (net
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restructured assets as percentage of net customer assets) was 1.31%. During the year
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slippages from the standard restructured book stood at Rs. 3,213 crores. The
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cumulative outstanding value of the underlying standard loans subjected to SDRs,

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S4A and 5:25 as on 31 March, 2017 stood at Rs. 2,173 crores, Rs. 323 crores and
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Rs. 2,329 crores, respectively. The book value of the assets sold by the Bank to
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ARCs during fiscal 2017 was Rs. 2,960 crores (net of provisions). The realisation
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consideration (excluding accounts already written-off) was settled in security receipts

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(SRs) worth Rs. 2,083 crores and cash realised worth Rs. 393 crores.
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THE MCKINSEY 7S ANALYSIS

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Based on the McKinsey 7S Framework, the 7 elements (Superordinate Goals,

Strategy, Structure, Systems, Style, Staff and Skills) of the Axis Bank are analysed
with respect to their NPA Management, Loan Recovery and NPA Resolution
Strategy. For comparative evaluation the McKinsey 7S elements of the Axis Bank
and the Private Sector Banks are presented together so that an analysis and contrast
may be made at a glance. Seven tables have been generated for each of the 7
elements of McKinsey 7S framework. The compilation of the analysis is presented
below. The 7S Analysis is prepared based on Annual Reports of Axis Bank and a
sample of Private Sector Banks in India which includes ICICI Bank, HDFC Bank,
Kotak Mahindra Bank, Federal Bank and Karnataka Bank.

[70]
 A Case Study on NPA Management and Loan Recovery Strategy of Axis Bank

Table 3: Super Ordinate Goals

Axis Bank Private Sector Banks
1) Customer Centric Operations 1) Maintain a healthy financial profile
2) Ethics and diversify earnings across
3) Transparency businesses and geographies.
4) Teamwork, and 2) Maintain high standards of
5) Ownership governance and ethics.
Table 4: Strategy
Axis Bank Private Sector Banks
To calibrate our portfolio concentration a lot more tightly (1) Proactive Monitoring;
than in the previous years. (2) Improving portfolio mix;
Diversified our loan book materially and now have 45% of (3) Reducing Concentration Risk and
our loans in the Retail segment. Reduced concentration risk (4) Deleveraging stressed assets by sales
in corporate book significantly. Tightened incremental or enforcing contractual rights

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sanctions and are actively targeting the pool of better rated

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corporates. We continue to drive the transition of our

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corporate franchise towards a more flow led, transaction

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banking oriented business.

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Table 5: Structure

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Axis Bank Private Sector Banks

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The independent risk management structure to monitor all Independent Risk Management Group
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risks including credit risk. The goal of credit risk formed. A separate Credit Monitoring
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management focuses on maintaining asset quality and Group formed for proactive resolution of
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concentrations at individual exposures as well as at the port recovery in SME segment.

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folio level. Internal rating forms the core of the risk

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management process for wholesale business with internal

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ratings determining the acceptability of risk, maximum

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exposure ceiling, sanctioning authority, pricing decisions,

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review frequency. For the retail portfolio including small

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businesses and small agriculture borrowers, the Bank uses

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different product-specific scorecards. Large, risky or

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the risk department for each incremental transaction

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whereas small, templated exposures are extended within

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the approved product policies. Both credit and market risk

expertise are combined to manage risks arising out of
traded credit products such as bonds and market related
off-balance sheet transactions.
Table 6: Systems
Axis Bank Private Sector Banks
Credit models used for risk estimation are assessed for its (1) Use of Predictive models for stress-
discriminatory power, calibration accuracy and stability identification.
independently by a validation committee. (2) Centralized Delinquent Database to
review the borrower‘s profile be fore
disbursements

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 International Conference on Digital Innovation: Meeting the Business Challenges

Table 7: Style
Axis Bank Private Sector Banks
The Bank‘s Structured Finance Group (SFG) is a specialized group The Retail Credit and Policy
focusing on resolution of non-retail impairments of the Bank. The Group is an independent unit
team is based out of the Central Office in Mumbai, and oversees focusing on policy formulation
rectification and restructuring as well as recovery for the Western and portfolio tracking and
zone of the country. The central team is supported by three monitoring and reports to a
Regional Recovery Cells at Delhi, Kolkata and Chennai. group of Executive Directors
Table 8: Staff
Axis Bank Private Sector Banks
Independent Recovery Cells at central office and three other Independent Groups deployed to
regional centres identify, assess and monitor the
bank group‘s principal risks
Table 9: Skills

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Axis Bank Private Sector Banks

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Training intervention to reinforce the status of compliance standards (1) Structured hand-holding

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as an important element of business and to further drive the programs

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message that the compliance and governance agenda is critical. (2) Video based learning modules
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R ret an
PE ny ve

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