Axis Oct24

AXIS/CO/CS/387/2023-24
October 25, 2023
Listing & Compliance Department Listing Department

National Stock Exchange of India Limited BSE Limited
Exchange Plaza, 5th Floor 1st Floor,
Plot No. C/1, “G” Block P. J. Towers,
Bandra-Kurla Complex Dalal Street
Bandra (E), Mumbai – 400 051 Fort, Mumbai – 400 001
NSE Symbol: AXISBANK BSE Scrip Code : 532215
Dear Sir(s),
SUB: INVESTOR PRESENTATION AND PRESS RELEASE ON FINANCIAL RESULTS OF AXIS BANK
LIMITED (“BANK”)
Further to our letter number AXIS/CO/CS/386/2023-24 dated October 25, 2023, please find
enclosed herewith a copy of investor presentation along with press release on the unaudited
financial results of the Bank (Standalone and Consolidated) for the quarter and half year
ended September 30, 2023.
This is for your information and records.
Thanking You.
Yours Sincerely,
For Axis Bank Limited
Digitally signed
SANDEEP by SANDEEP
PODDAR
PODDAR Date: 2023.10.25
16:06:04 +05'30'
Sandeep Poddar
Company Secretary
Encl.: as above
Cc: London Stock Exchange

Singapore Stock Exchange
PRESS RELEASE
AXIS BANK ANNOUNCES FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED 30th SEPTEMBER 2023
H1FY24 PAT at `11,661 crores growing 23% YOY, H1 consolidated ROE at 19.04% up 179 bps YOY,
driven by NIMs at 4.11%, 30%YOY H1 fee growth, 23% YOY loan growth, aided by 15% YOY RTD1 growth
o Q2FY24 PAT at `5,864 crores with consolidated ROE of 18.67%

o Q2 Consolidated ROA at 1.83%, with 7 bps contributed by subsidiaries
o Net Interest Income grew 19% YOY and 3% QOQ, Net Interest Margin at 4.11%, up 15 bps YOY and 1 bps QOQ
o Fee income grew 31% YOY and 11% QOQ, Retail fee grew 38% YOY and 11% QOQ, granular fees at 93% of total fees
o Core Operating profit grew 12% YOY and 5% QOQ
o On a MEB2, retail term deposits grew 15% YOY & 4% QOQ, CASA ratio at 44%, total deposits grew 18% YOY & 1% QOQ
o Domestic advances up 26% | 5%, Retail up 23% | 4%, SME up 27% | 9%, Corporate up 21% | 3% on YOY | QOQ basis
o Overall CAR stood at 17.84% with CET 1 ratio of 14.56%, net accretion to CET-1 of 54 bps in H1FY24, 18 bps in Q2 FY24
o GNPA% at 1.73% declined by 77 bps YOY and 23 bps QOQ, NNPA% at 0.36% declined by 15 bps YOY and 5 bps QOQ
o 1.2 million credit cards issued in Q2, CIF market share3 of 14.1% as of Sep’23, spends up 60% YOY & 5% QOQ
o 2nd largest player in Merchant Acquiring with market share of 18.6%, incremental share of 23% in last one year3
The Board of Directors of Axis Bank Limited approved the financial results for the quarter and half year ended 30th September
2023 at its meeting held in Mumbai on Wednesday, 25th October 2023.
This quarter, Axis Bank etched a historical milestone with the opening of its 5,000th branch in Ahmedabad, inaugurated by
the Hon. Chief Minister of Gujarat. This holds great significance, as the Bank’s very first branch was opened in the same
city 29 years ago. Hundred more branches were inaugurated on the same day in different parts of the country.
Axis Bank is constantly working to empower its customers, especially in the semi-urban and rural geographies. The Bank
launched ‘Sampann’ premium banking services, offering several exclusive benefits such as discounts on agri inputs,
personalized financial offerings, healthcare package, family banking, preferential rates for housing finance and dedicated
relationship managers.
The Bank has won a slew of credible recognitions this quarter, including ABF Retail Banking Award 2023 for Domestic
Retail Bank of the Year (India) & Digital Transformation of the Year (India), Business World India's Most Sustainable
Companies 2023 for Banking and NBFC Sector, ASSOCHAM Issuer Investment Banker Award 2023 and Greenwich Share
Leaders for Indian Large Corporate Banking and Middle Market Banking.
Amitabh Chaudhry, MD&CEO, Axis Bank said, “In spite of a highly volatile global geopolitical landscape, we believe the
India story remains strong. With the upcoming festivities, we are already seeing a surge in demand, which augurs well for
business. At Axis Bank, our GPS agenda is on track and we are looking at steady growth for all major business verticals of
the Bank. We have been diligently working on both physical reach and digital prowess, extending our services not just to
the metros and urban centres, but to the heart of Bharat which is home to the vast majority of India’s population.”
1
Retail Term Deposits; 2 Month End balances; 3 Based on RBI reported data as of Sep’23
1
Performance at a Glance
• Healthy operating performance
o Net Interest Income grew 19% YOY and 3% QOQ, Net Interest Margin at 4.11%, up by 15 bps YOY and 1 bps QOQ
o Core Operating revenues grew 22% YOY and 6% QOQ, Core Operating profit grew 12% YOY and 5% QOQ
o Consolidated ROE | ROA at 18.67% | 1.83%, subsidiaries contributed 37 bps | 7 bps respectively
• Strong loan growth delivered across all business segments
o Rural loans grew 24% YOY & 4% QOQ, Small Business Banking loans grew 42% YOY & 9% QOQ
o Mid-Corporate (MC) book grew 37% YOY, SME book grew 27% YOY & 9% QOQ
o SBB + SME + MC mix at ₹1,88,573 crores | 21% of loans, up over 680 bps in last 3 years
• Retail term deposits gaining traction, steady growth in granular deposits
o On a QAB1 basis total deposits grew 16% | 1% and retail term deposits grew 13% | 4% on YOY | QOQ basis
o On QAB, SA grew 17% YOY & 1% QOQ, CA grew 11% YOY, CASA ratio stood at 43%
o Average LCR2 during Q2FY24 was ~118%, outflow rates improved ~ 550 bps over last 2 years
• Well capitalized with self-sustaining capital structure; adequate liquidity buffers
o Overall capital adequacy ratio (CAR) including profit stood at 17.84% with CET 1 ratio of 14.56%
o Self-sustaining capital structure with net accretion to CET-1 of 54 bps in H1FY24, 18 bps in Q2 FY24
o COVID provisions of `5,012 crores, not in CAR calculation provides additional cushion of ~48 bps
• Retaining strong position in Payments and Digital Banking
o Axis Mobile & Axis Pay have ~9.2 mn non-Axis Bank customers
o 100+ digital partnerships across platforms and ecosystems; ~16.5 mn customers on WhatsApp banking
o Axis Mobile remains the world’s3 highest rated MB app on Google Play store with rating of 4.8; ~13 mn MAU4
o Credit card CIF market share at 14.1%5, Retail Card spends grew 72% YOY and 4% QOQ
• Declining gross NPA’s and slippages
o Gross NPA at 1.73% declined by 77 bps YOY & 23 bps QoQ, Net NPA at 0.36% declined 15 bps YOY, 5 bps QoQ
o PCR healthy at 79%; On an aggregated basis6, coverage ratio at 150%
o Q2FY24 gross slippage ratio (annualized) at 1.49% declined 39 bps YOY, net slippage ratio (annualized) at 0.59%
o Q2FY24 net credit cost (annualized) at 0.42%, declined 8 bps QOQ
• Bank’s domestic subsidiaries7 continue to deliver steady performance
o H1FY24 profit at `689 crores up 18% YOY, with a return on investment in domestic subsidiaries of 53%
o Axis Finance H1FY24 PAT grew 26% YOY to `265 crores; asset quality improved, CAR healthy at 17.9%
o Axis AMC H1FY24 PAT stood at `189 crores, Axis Securities H1FY24 PAT grew 14% YOY to `113 crores
o Axis Capital executed 48 investment banking deals in H1FY24
1
QAB – Quarterly Average Balance, 2 Liquidity Coverage Ratio, 3 across 64 global banks, 82 fintechs and 9 neo banks with 2.2 mn+ reviews
4
Monthly active users, engaging in financial and non-financial transactions, 5 Based on RBI reported data as of Sep’23
6 7
(specific+ standard+ additional + COVID) Figures of subsidiaries are as per Indian GAAP, as used for consolidated financial statements of the Group
2
Profit & Loss Account: Period ended 30th September 2023
Operating Profit and Net Profit

The Bank’s operating profit for the quarter grew 12% YOY to `8,632 crores. Core Operating profit for Q2FY24 grew 12%
YOY and 5% QOQ to `8,733 crores. Net profit at `5,864 crores in Q2FY24 grew by 10% YOY.
Net Interest Income and Net Interest Margin

The Bank’s Net Interest Income (NII) grew 19% YOY and 3% QOQ to `12,315 crores. Net interest margin (NIM) for Q2FY24
stood at 4.11%, up 15 bps YOY and 1 bps QOQ.
Other Income
Fee income for Q2FY24 grew 31% YOY and 11% QOQ to `4,963 crores. Retail fees grew 38% YOY and 11% QOQ; and
constituted 70% of the Bank’s total fee income. Retail cards and payments fee grew 39% YOY and 4% QOQ. Retail Assets
(excluding cards and payments) fee grew 38% YOY and 17% QOQ. The Corporate & Commercial banking fees together
grew 17% YOY and 9% QOQ to `1,468 crores. The trading loss for the quarter stood at `101 crores; miscellaneous income
in Q2FY24 stood at `172 crores. Overall, non-interest income (comprising of fee, trading and miscellaneous income) for
Q2FY24 grew 31% YOY to `5,034 crores.
Provisions and contingencies

Provision and contingencies for Q2FY24 stood at `815 crores. Specific loan loss provisions for Q2FY24 stood at `1,010
crores. The Bank has not utilized Covid provisions during the quarter. The Bank holds cumulative provisions (standard +
additional other than NPA) of `11,758 crores at the end of Q2FY24. 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
1.32% as on 30th September, 2023. On an aggregated basis, our provision coverage ratio (including specific + standard +
additional + Covid provisions) stands at 150% of GNPA as on 30th September, 2023. Credit cost for the quarter ended 30th
September, 2023 stood at 0.42%.
H1FY24 Financial Performance:

Net Interest Income for H1FY24 grew 23% YOY to `24,273 crores from `19,744 crores. Fee income grew 30% YOY to
`9,451 crores. Core operating profit for H1FY24 grew by 19% to `17,028 crores from `14,357 crores. Operating profit for
H1FY24 grew by 28% to `17,446 crores from `13,603 crores. Total provisions for H1FY24 stood at `1,849 crores. Net Profit
for H1FY24 grew 23% to `11,661 crores from `9,455 crores in H1FY23.
Balance Sheet: As on 30th September 2023
The Bank’s balance sheet grew 13% YOY and stood at `13,38,914 crores as on 30th September 2023. The total deposits
grew 18% YOY and 1% QOQ on period end basis, within which savings account deposits grew 16% YOY, current account
deposits grew 7% YOY; total term deposits grew 22% YOY and 4% QOQ of which retail term deposits grew 15% YOY and
3
4% QOQ. The share of CASA deposits in total deposits stood at 44%. On QAB basis, total deposits grew 16% YOY and
1% QOQ, within which savings account deposits grew 17% YOY and 1% QOQ, current account deposits grew 11% YOY;
and total term deposits grew 17% YOY and 3% QOQ.
The Bank’s advances grew 23% YOY and 5% QOQ to `8,97,347 crores as on 30th September 2023. Domestic net loans
grew 26% YOY and 5% QOQ. Retail loans grew 23% YOY and 4% QOQ to `5,19,736 crores and accounted for 58% of the
net advances of the Bank. The share of secured retail loans was ~ 76%, with home loans comprising 31% of the retail book.
Home loans grew 9% YOY, Personal loans grew 25% YOY, Credit card advances grew 72% YOY, Small Business Banking
(SBB) grew 42% YOY and 9% QOQ; and rural loan portfolio grew 24% YOY and 4% QOQ. SME book remains well
diversified across geographies and sectors, grew 27% YOY and 9% QOQ to `95,954 crores. Corporate loan book grew
21% YOY and 3% QOQ to `2,81,657 crores of which domestic corporate book grew 33% YOY and 4% QOQ. Mid-corporate
book grew 37% YOY and 9% QOQ. 89% of corporate book is now rated A- and above with 89% of incremental sanctions
in H1FY24 being to corporates rated A- and above.
The book value of the Bank’s Investments portfolio as on 30th September 2023, was `2,95,691 crores, of which `2,35,555
crores were in government securities, while `50,811 crores were invested in corporate bonds and `9,325 crores in other
securities such as equities, mutual funds, etc. Out of these, 72% are in Held till Maturity (HTM) category, while 26% of
investments are Available for Sale (AFS) and 2% are in Held for Trading (HFT) category.
Payments and Digital
The Bank issued 1.2 million new credit cards in Q2FY24. The Bank has been one of the highest credit card issuers in the
country over last seven quarters and has gained incremental CIF market share of 15% in the last twelve 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 H1FY24
• 74% - Individual Retail term deposits (by volume) opened digitally in H1FY24
• 71% - SA accounts opened through tab banking in H1FY24
• 70% - New mutual fund SIPs sourced (by volume) through digital channels in H1FY24
• 70% - YOY growth in total UPI transaction value in Q2FY24
• 50% - YOY growth in mobile banking transaction volumes in Q2FY24
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 app on Google Play store with rating of 4.8
and over 2.2 million reviews. The Bank’s mobile app continues to see strong growth, with Monthly Active Users of ~13
million and nearly ~9.2 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
1
as per RBI reported data as of Sep’23 , * across 64 global banks, 82 fintechs and 9 neo banks on Google Playstore with 2.2 mn+ reviews
4
Portal. On WhatsApp banking, the Bank now has over 16.5 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 `4,53,096
crores as at end of 30th September 2023 that grew 69% YOY and 6% QOQ. Burgundy Private, the Bank’s proposition for
high and ultra-high net worth clients, covers 9,639 families. The AUM for Burgundy Private increased 76% YOY and 4%
QOQ to `1,66,499 crores.
Capital Adequacy and Shareholders’ Funds

The shareholders’ funds of the Bank grew 10% YOY and stood at `1,36,702 crores as on 30th September 2023. As on 30th
September 2023, the Capital Adequacy Ratio (CAR) and CET1 ratio including profit for H1 was 17.84% and 14.56%
respectively. Additionally, the Bank held `5,012 crores of COVID provisions, not considered for CAR calculation, providing
cushion of ~48 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 54 bps for the H1FY24 and 18 bps in Q2FY24. The Book value per equity share
increased from `405 as of 30th September, 2022 to `444 as of 30th September, 2023.
Asset Quality
As on 30th September, 2023 the Bank’s reported Gross NPA and Net NPA levels were 1.73% and 0.36% respectively as
against 1.96% and 0.41% as on 30th June, 2023.
Recoveries from written off accounts for the quarter was `664 crores. Reported net slippages in the quarter adjusted for
recoveries from written off pool was `605 crores, of which retail was `953 crores, CBG was `25 crores and Wholesale was
negative `373 crores.
Gross slippages during the quarter were `3,254 crores, compared to `3,990 crores in Q1FY24 and `3,383 crores in
Q2FY23. Recoveries and upgrades from NPAs during the quarter were `1,985 crores. The Bank in the quarter wrote off
NPAs aggregating `2,671 crores.
As on 30th September, 2023, the Bank’s provision coverage, as a proportion of Gross NPAs stood at 79%, as compared to
80% as at 30th September, 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 30th September, 2023 stood at `1,756 crores that
translates to 0.19% of the gross customer assets. The Bank carries a provision of ~ 21% on restructured loans, which is in
excess of regulatory limits.
Network
During the quarter, the Bank added 207 branches taking its overall distribution network to 5,152 domestic branches and
extension counters situated across 2,864 centres compared to 4,760 domestic branches and extension counters situated
5
across 2,676 centres as at 30th September, 2022. As on 30th September, 2023, the Bank had 15,806 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 30th September 2023.
Key Subsidiaries’ Performance
The Bank’s domestic subsidiaries delivered steady performance with H1FY24 PAT of `689 crores, up 18% YOY.
• Axis Finance: Axis Finance has been investing in building a strong customer focused franchise. Its overall Assets
Under Finance grew 31% YOY. Retail book grew 49% YOY and constituted 44% of total loans, up from 8% three
years ago. The 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 17.9%. The book quality
remains strong with net NPA at 0.31%. Axis Finance H1FY24 PAT was `265 crores, up 26% YOY from `210 crores
in H1FY23.
• Axis AMC: Axis AMC’s quarterly average AUM grew 5% YOY to `2,59,795 crores. Its H1FY24 PAT stood at `189
crores.
• Axis Capital: Axis Capital completed 48 investment banking transactions in H1FY24.
• Axis Securities: Axis Securities’ broking revenues for H1FY24 grew 36% YOY to `457 crores. Its H1FY24 PAT
grew 14% YOY and stood at `113 crores.
6
` crore
Financial Performance Q2FY24 Q2FY23 % Growth

Net Interest Income 12,315 10,360 19%
Other Income 5,034 3,855 31%

- Fee Income 4,963 3,776 31%
- Trading Income (101) (86) -
- Miscellaneous Income 172 165 5%
Operating Revenue 17,349 14,216 22%

Core Operating Revenue# 17,450 14,302 22%
Operating Expenses 8,717 6,499 34%
Operating Profit 8,632 7,716 12%
Core Operating Profit# 8,733 7,802 12%
Net Profit 5,864 5,330 10%

EPS Diluted (`) annualized 75.28 68.36
Return on Average Assets (annualized) 1.76% 1.80%
Return on Equity (annualized) 18.30% 18.49%
# excluding trading income
` crore
As on As on
Balance Sheet th 30th September’22
30 September’23
CAPITAL AND LIABILITIES
Capital 616 614
Reserves & Surplus 1,36,086 1,23,950
Employee Stock Options Outstanding 648 298
Deposits 9,55,556 8,11,015
Borrowings 1,85,243 1,81,400
Other Liabilities and Provisions 60,765 68,204
Total 13,38,914 11,85,481
ASSETS
Cash and Balances with RBI and Banks and
68,592 71,209
Money at Call and Short Notice
Investments 2,95,691 2,87,621
Advances 8,97,347 7,31,083
Fixed Assets 5,238 4,731
Other Assets 72,046 90,837
Total 13,38,914 11,85,481
Note - Prior period numbers have been regrouped as applicable for comparison.
7
` crore
As on As on
Business Performance th th % Growth
30 September’23 30 September’22
Total Deposits (i)+(ii) 9,55,556 8,11,015 18%
(i) CASA Deposits 4,23,866 3,74,846 13%

- Savings Bank Deposits 2,92,313 2,52,244 16%
- Current Account Deposits 1,31,553 1,22,602 7%
CASA Deposits as % of Total Deposits 44% 46%
(ii) Term Deposits 5,31,690 4,36,169 22%

- Retail Term Deposits 3,32,025 2,88,076 15%
- Non Retail Term Deposits 1,99,665 1,48,093 35%
CASA Deposits on a Quarterly Daily Average Basis

3,94,569 3,42,055 15%
(QAB)
CASA Deposits as % of Total Deposits (QAB) 43% 44%
Net Advances (a) +(b) + (c) 8,97,347 7,31,083 23%

(a) Corporate 2,81,657 2,31,853 21%
(b) SME 95,954 75,786 27%
(c) Retail 5,19,736 4,23,444 23%
Investments 2,95,691 2,87,621 3%
Balance Sheet Size 13,38,914 11,85,481 13%
Gross NPA as % of Gross Customer Assets 1.73% 2.50%

Net NPA as % of Net Customer Assets 0.36% 0.51%
Equity Capital 616 614 0.31%

Shareholders’ Funds 1,36,702 1,24,564 10%
Capital Adequacy Ratio (Basel III) 16.56% 16.52%

- Tier I 13.80% 14.55%
- Tier II 2.77% 1.97%
Capital Adequacy Ratio (Basel III) (incl. profit) 17.84% 17.72%

- Tier I 15.08% 15.75%
- Tier II 2.77% 1.97%
Note - Prior period numbers have been regrouped as applicable for comparison.
8
A presentation for investors is being separately placed on the Bank's website: www.axisbank.com.
For press queries, please contact Ms Piyali Reddy at 91-22-24252021 or email: [email protected]
Safe Harbor
Except for the historical information contained herein, statements in this release which contain words or phrases such as
“will”, “aim”, “will likely result”, “would”, “believe”, “may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,
“contemplate”, “seek to”, “future”, “objective”, “goal”, “strategy”, “philosophy”, “project”, “should”, “will pursue” and similar
expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking
statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from
those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability
to successfully implement our strategy, future levels of non-performing loans, our growth and expansion, the adequacy of
our allowance for credit losses, our provisioning policies, technological changes, investment income, cash flow projections,
our exposure to market risks as well as other risks. Axis Bank Limited undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date thereof.
9
Investor Presentation
Quarterly Results Q2FY24
NSE: AXISBANK BSE: 532215 LSE (GDR): AXB

Axis Bank at a glance
3rd 46 mn+ 99,350+ 5,152

Axis Bank Employees Branches*
largest Private Bank in India Customers
5.3% 4.8% 6.0% 14.1%

Market Share Assets 1
Deposits 1
Advances 1 Credit Cards 2
Profitability 4.11% 2.41% 2.60%

Net Interest Margin 3 Cost to Assets 3 Operating Profit Margin 3
Balance Sheet 17.84% | 14.56% `118 Bn | 1.32% 79% | 0.36%

Cumulative provisions
*** CAR CET 1 *** PCR Net NPA
(standard + additional non-NPA)
26% 8% 2nd 36%

Key Subsidiaries Growth in Axis Finance PAT Growth in Axis AMC Axis Capital’s position in Growth in Axis Securities
(H1FY24) Revenue (H1FY24) ECM 4 Broking Revenue(H1FY24)
3 4
1 Based on Sep’23 data 2 Credit Cards in force as of Sep’23 for Q2FY24 As per Prime Database rankings for Equity Capital Markets for H1FY24
*domestic network including extension counters ***CAR – Capital Adequacy ratio; CET 1 – Common Equity Tier 1 ratio; including profits for H1FY24 2
Executive Summary
Financial Highlights
Capital and Liquidity Position
Business Segment Performance
Asset Quality
Sustainability
Subsidiaries’ Performance
Other Important Information

3
Major highlights
H1FY24 PAT at `11,661 crores growing 23% YOY, H1 consolidated ROE at 19.04% up 179 bps YOY, driven by NIMs
at 4.11%, 30% YOY fee growth, 23% YOY loan growth, aided by 15% YOY retail term deposit growth
• Q2FY24 PAT at `5,864 crores with consolidated ROE of 18.67%
• Net Interest Income grew 19% YOY and 3% QOQ, Net Interest Margin at 4.11%, up by 15 bps YOY
Healthy operating performance • Fee income grew 31% YOY and 11% QOQ, granular fee constituted 93% of overall fees, Retail fee grew 38% YOY and 11% QOQ
• Core operating revenue up 22% YOY and 6% QOQ, Core operating profit grew 12% YOY & 5% QOQ,
• Consolidated ROA (annualized) at 1.83%, with subsidiaries contributing 7 bps
• Advances grew 23% YOY and 5% QOQ; Domestic loan book grew 26% YOY and 5% QOQ
Strong loan growth delivered across all • Retail loans grew 23% YOY and 4% QOQ of which Rural loans grew 24% YOY and 4% QOQ, SBB1 book grew 42% YOY and 9% QOQ
business segments • Corporate loans grew 21% YOY and 3% QOQ, Mid-Corporate (MC) up 37% YOY and 9% QOQ, SME loans grew 27% YOY and 9% QOQ
• SBB+SME+MC mix at ₹1,886 bn | 21% of total loans, up over ~680 bps in last 3 years
• On MEB basis, retail TD grew 15% YOY & 4% QOQ SA grew 16% YOY, CA grew 7% YOY with CASA ratio at 44%, total deposits up 18% YOY & 1% QOQ;
Retail term deposits gaining traction, • On QAB basis,; term deposits (TD) grew by 17% YOY & 3% QOQ with retail TD up 13% YOY and 4% QOQ
steady growth in granular deposits • On QAB basis, total deposits grew by 16% YOY & 1% QOQ, SA grew by 17% YOY & 1% QOQ, CA grew 11% YOY, CASA ratio stood at 43%
• Average LCR during Q2FY24 was ~118%, Average LCR Outflow rates improved by ~550 bps in last 2 years
• Self sustaining capital structure with net accretion to CET-1 of 54 bps in H1FY24, 18 bps in Q2 FY24
Well capitalized with self-sustaining capital • Overall capital adequacy ratio (CAR) stood at 17.84% with CET 1 ratio of 14.56%
structure; adequate liquidity buffers • `5,012 crores of COVID provisions not considered for CAR calculation, provides cushion of 48 bps over the reported CAR
• Excess SLR of ` 56,966 crores
• 1.21 million credit cards acquired in Q2FY24, incremental CIF market share of ~15% in last one year 2
Continue to maintain strong position in • 2nd largest player in Merchant Acquiring with terminal market share of 18.6%, incremental share of 23% in last one year 2
Payments and Digital space
• Axis Mobile app is the world’s highest 3 rated mobile banking app on Google Play store with ratings of 4.8 and ~13 million MAU
• 400+ APIs hosted on Bank’s API Developer Portal with 285+ Retail APIs
• GNPA at 1.73% declined by 77 bps YOY and 23 bps QoQ, NNPA at 0.36% declined 15 bps YOY and 5 bps QoQ, PCR healthy at 79%
Declining NPAs and slippages, moderate • Coverage 4 ratio at 150%, Standard Covid-19 restructuring implemented loans at 0.19% of GCA and declined 19 bps YOY
credit costs • Gross slippage ratio (annualized) at 1.49% declined 39 bps YOY and 38 bps QoQ, Net slippage ratio (annualized) at 0.59%
• Annualized credit cost at 0.42%, declined 8 bps QoQ
• Total H1FY24 PAT of domestic subsidiaries at ₹689 crs, up 18% YOY; Return on investments in domestic subsidiaries at 53%
Key subsidiaries continue to deliver steady • Axis Finance H1FY24 PAT up 26% YOY, ROE at 15.9%, total CAR healthy at 17.9%, asset quality metrics improve with net NPA declining 11 bps YOY to 0.31%
performance • Axis AMC’s H1FY24 PAT at ₹189 crores
• Axis Securities H1FY24 PAT up 14% YOY, Axis Capital executed 48 investment banking deals in H1FY24
QAB: Quarterly Average Balance MAU: Monthly Active Users engaging in financial and non-financial transactions 1 SBB : Small Business Banking; 2 Based on RBI data as of Sep’23
4 Coverage Ratio = Aggregate provisions (specific + standard + additional + Covid) / IRAC GNPA 3 across 64 global banks, 82 fintechs and 9 neo banks with 2.2 mn+ reviews
4
Key metrics for Q2FY24
Snapshot (As on 30th September 2023)
Deposits Advances
Absolute (₹ Cr) QOQ YOY Growth (a) (c)
18% YOY 23% YOY
(b)
Q2FY24 Q1FY24 H1FY24 Q2FY24 Q2FY24 H1FY24 16% YOY 26% YOY (d)
Net Interest Income 12,315 11,959 24,273 3% 19% 23%

Fee Income 4,963 4,488 9,451 11% 31% 30%
Profit &
31%
Loss
Operating Expenses 8,717 8,232 16,948 6% 34% 31% 44%

Operating Profit 8,632 8,814 17,446 (2%) 12% 28% 58%
56%
Core Operating Profit 8,733 8,295 17,028 5% 12% 19% 11%
Profit after Tax 5,864 5,797 11,661 1% 10% 23%
Q2FY24 YOY Growth

CASA
(a) Retail SME Corporate
Balance
Total Assets 13,38,914 13% 13% YOY

Sheet
(c)
(b) 21% YOY (d)
Net Advances 8,97,347 23% 15% YOY 23% YOY 27% YOY
33% YOY
Total Deposits 9,55,556 18%
Shareholders’ Funds 1,36,702 10%
Core Operating Profit (in ₹ Crores) Profit After Tax (in ₹ Crores)
Q2FY24 / H1FY24 Q2FY23 / H1FY23 12% YOY 10% YOY
Diluted EPS (Annualised in `)
75.28 / 75.28 68.36 / 61.27
(Q2/H1)
Book Value per share (in `) 444 405
Key Ratios
Standalone ROA (Annualised

1.76 / 1.78 1.80 / 1.62
%) (Q2/H1)
Standalone ROE (Annualised 8,733
18.30 / 18.72 18.49 / 16.80
%) (Q2/H1) 7,802
Cons ROA (Annualised %) 1.83 / 1.81 1.87 / 1.66
5,864
18.67 / 19.04 18.90 / 17.25

5,330
Cons ROE (Annualised %)
Gross NPA Ratio 1.73% 2.50% Q2FY23 Q2FY24 Q2FY23 Q2FY24
Net NPA Ratio 0.36% 0.51%
(e)
Basel III Tier I CAR 15.08% 15.75%
(e)
Basel III Total CAR 17.84% 17.72%
5
(a) Period end balances (b) Quarterly average balance (c) Overall (d) Domestic book (e) including profit after tax for H1
We have delivered consistent and robust improvement in shareholder return
metrics
Trend in Consolidated ROA and ROE
2.00%
1.8% 1.8%
1.80%
1.60%
1.3%
1.40%
0.7%
1.20%
1.00%
0.80%
0.60%
Consolidated ROA 0.2%

0.40%
0.20%
18.8% 19.0%
0.00%
13.7%
8.2%
Consolidated ROE
2.7%
FY20 FY21 FY22 FY23 H1FY24

6
Executive Summary
Asset Quality
Sustainability

7
Deposit and Loan growth performance
All figures in ₹ Billion
Deposit mix (QAB)^ Segment loan mix

Domestic loan growth at 26% YOY & 5% QOQ YOY QOQ
YOY QOQ
23% 5%
9,002 9,111 16% 1% 8,973
8,524 8,453 8,585
7,847 8,034
1,919 7,623
1,913 0.3% 7,310 21% 3%
1,816 (21%) 24% 2,817
NRTD 1,608 2,683 2,730 (31%)
1,546
2,319 2,534
Corporate 960
3,110 3,246 894 877 (11%) 27% 9%
RTD 2,967 (36%) 13% 4%
2,880 2,886 794
SME 758
1,180 1,115 11% 6%

CA 1,003 1,105 1,200 (12%)
4,876 4,978 5197 23% 4%
4,234 4,295 (58%)
Retail
SA 2,418 2,436 2,541 2,799 2,831 17% 1%
(31%)
Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
3.80% 3.94% 4.31% 4.62% 4.79% 94% 95% 96% 97%

97%
Cost of Deposits
Share of Domestic Loans in overall loan book
^ Quarterly Average Balance

8
Trend in CASA growth
(a)
CASA QAB growth (YOY)
21%
16%
13%
9% 15%
16% CAGR#
394,569
342,055
302,712 111,469 14% CAGR#
249,377 100,299
215,552 90,301
76,739 17% CAGR#
64,992
283,100
212,411 241,756
150,560 172,638
Sep-19 Sep-20 Sep-21 Sep-22 Sep-23

SA CA
#Sep-19 to Sep-23
SA QAB as % of period end CA QAB as % of period end CASA QAB as % of period end CASA
SA balances CA balances balances
94% 86% 92%
93% 78%
75%
92% 86% 86%
*Till Q4FY19 Q4FY19 ^Since Q1FY20 * Till Q4FY19 Q4FY19 ^Since Q1FY20 *Till Q4FY19 Q4FY19 ^Since Q1FY20

*Q1FY17 to Q4FY19 ^Q1FY20 to Q2FY24 (a) Quarterly Average Balance 9
Operating revenue up 22% YOY, Core Operating profit up 12% YOY, PAT up 10% YOY
Operating expense All figures in ₹ Crores
Operating revenue
YOY QOQ
28% 34%
22% 2% 14% 8% 14%
17,046 17,349
16,031 16,530
Opex YOY (b)
14,215 growth (b)
5,087 5,034 31% 1% (a) 8,232 8,717
4,572 4,788
7,362
3,855 6,499 6,753
5,544 6,107
4,332 4,472 5,198
11,459 11,742 11,959 12,315
10,360 19% 3%
2,167 2,281 2,164 2,688 2,610
Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24

Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Staff cost Non-staff cost
Net Interest Income Non-Interest Income
(a) Including one month integration expenses plus Citi business operating expenses
(b) Including three month’s integration expenses plus Citi business operating expenses
Operating profit & Core Operating profit Profit after tax
OP 10% YOY
12% YOY
5,864
5,330
Core
OP 12% YOY
8,632 8,733 3,133
7,716 7,802
6,660
5,491 5,883 5,928 5,456 1,683
4,746
-112
Q2FY20 Q2FY21 Q2FY22 Q2FY23 Q2FY24 Q2FY20 Q2FY21 Q2FY22 Q2FY23 Q2FY24
Operating Profit (OP) Core Operating Profit

10
Net interest margin improved 15 bps YOY
Advances mix by rate type Cost of Funds
MCLR Duration Split
31% (Sep-23)
5.17%
2% ~ 69% of loans floating 1M 5.03%
3% 1%
1% 4.75%
17% 3M, 2%
4.34%
4.09%
6M, 4% 3.87% 3.83% 3.89%
3.77%
46%
12M, 10%
Repo linked MCLR linked Other EBLR* Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24
Base Rate linked Foreign currency- floating Fixed *External benchmark linked rate
Net interest Margin (NIM) NIM Movement - Q1 FY24 to Q2 FY24

NIM - Overall NIM - Domestic Favourable Unfavourable
4.10% 0.02% 0.01% 0.02% 4.11%

4.41% 4.35%
4.08% 4.20% 4.20%
4.26% 4.22% 4.10% 4.11%

3.96%
Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 NIM Q1 FY24 One-offs Interest reversal Spread NIM Q2 FY24
66% 65% 65% 67% 67%
RWA to total assets Quarterly Results Q2FY24

11
NIM improvement led by structural drivers across the businesses
1 3 Improvement in composition reflected

Improvement in balance sheet mix 2 Reducing share of low yielding RIDF bonds
through improvement in average CASA%
Retail & SME as % of loan book
67% 68% 69%
62% 64% As a % to total assets
5.1% 4.7%
3.5%
43.6% 43.7%
2.3% 2.1% 42.9%
46,463 46,886 40.9%
41,654 39.7%
Mar-20 Mar-21 Mar-22 Mar-23 Sep-23 30,564

28,650
79% 85% 84% 86% 89%
Loans and investments as % of total assets
Non INR book as % of overall loan book

Mar-20 Mar-21 Mar-22 Mar-23 Sep-23 FY20 FY21 FY22 FY23 H1FY24
10.2%
9.1%
8.5%
5.1%
4.2%
Mar-20 Mar-21 Mar-22 Mar-23 Sep-23

12
Strong growth in fees; granularity built across our business segments
All figures in ₹ Crores
Retail Banking fees 38% YOY Retail fee mix

11% QOQ
44% 46% 44%
3,494
3,119 3,146
2,526 2,725 18% 21% ^ 18% 18% 17% 20% 22% 18%
14%
TPP Retail Cards & Payments Retail Assets excl cards & Retail Liabilities & others
payments
Q2FY23 Q1FY24 Q2FY24
Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 • 39% YOY & 4% QOQ growth in Retail Cards & payments fees;
67% 68% 68% 70% 70% * • 38% YOY & 17% QOQ growth in Retail Assets fees (excl cards & payments)
• 62% YOY & 72% QOQ growth in Third Party products (TPP) related fees
Corporate & Commercial Banking fee Corporate & Commercial Banking fee mix
17% YOY
9% QOQ
Trade, Forex and Financial Institutional payments related fee form part of Transaction Banking
1,468
1,449
79% 81% 77%
1,342
1,282
1,250
18% 15% 19%
3% 4% 4%
Transaction Banking Credit Treasury

Q2FY23 Q1FY24 Q2FY24
• 13% YOY & 7% QOQ growth in traditional Transactional Banking fees excluding forex & trade
33% 32% 32% 30% 30% *
• 25% YOY & 4% QOQ growth in forex income, 26% YOY & 39% QOQ growth in credit related fees
* Figures in % represent share of segment contribution to total fees Quarterly Results Q2FY24
13
Cost growth at 34% YoY; integration expenses contribute 4% to YoY growth; continue to
invest in technology and growth related businesses;
YoY Incremental Opex in Q2FY24 was led by Growth Business
and Integration related expenses 9% 51% 27% 13%
Incremental YOY cost break up

(Rs 2,218 Crore) (YoY ↑ 34%) 610 285
1,127
195 Includes Integration
expenses for 3
Integration Volume impact of
months
Expenses, linked, 9% Led by Investments in IT Increments
13% higher Infra and digital rolled out in
Disbursals journeys; Manpower Q1 8,717
additions for future
Business as 6,499 growth business;
Usual, 27% Expansion of cards
business
Technology & Q2FY23 opex Volume linked Technology & BAU Integration Q2FY24 opex
future growth growth related Expenses
related , 51%
• Given the strong momentum across our businesses; we

remain committed to consciously invest in our focus business
Cost to Assets*
2.32%
2.41% segments
2.17% 2.13% 2.17%
2.24% 2.25% 2.24% 2.25% • We remain committed to achieving a cost to asset ratio of
2.09%
1.96% around 2% in the medium term (excluding CITI bank expense
and integrations costs)
FY18 FY19 FY20 FY21 FY22 Q1 Q2 Q3 Q4 Q1 Q2

FY23 FY23 FY23 FY23 FY24 FY24 Quarterly Results Q2FY24
* Computed as summation of operating expenses for last 4 quarters divided by average assets for last 4 quarters 14
Executive Summary
Asset Quality
Sustainability

15
Strong capital position with adequate liquidity
Net accretion to CET-1 of 54 bps in H1FY24 Bank’s Capital Adequacy Ratio
1.29% 0.75% 19.12%

18.54%
14.02% 14.56% 17.64% 17.84%
17.53%
15.84% 3.72% 3.30%
3.62% 3.28%
4.19%
15.40%
4.57% 15.24% 14.56%
14.02%
18 bps of net 13.34%

11.27%
accretion in Q2 FY 24
CET-1 Mar'23 Accretion Consumption CET-1 Sep'23 Mar 19 Mar-20 Mar-21 Mar-22 Mar-23 Sep-23
CET 1 CAR (AT1 + Tier 2) CAR
Liquidity Coverage Ratio (consolidated) RWA to Total Assets
129%
121% 121% 123%
116% 117% 116% 118%
114%
67% 66% 67%

62%
Bank's LCR (consolidated) Regulatory minimum LCR
Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Sep-20 Sep-21 Sep-22 Sep-23
• The Bank holds excess SLR of `56,966 crores Quarterly Results Q2FY24
16
Executive Summary
Asset Quality
Sustainability

17
Retail Banking
~43 Mn 4th `4.53 Tn

Individual Largest issuer of AUM in wealth
customers Credit Cards management
23% 24% 58%

YOY growth in YOY growth in Share of
Retail advances Rural advances Advances~
17% 44% 70%

YOY Growth in SA CASA ratio Share in
QAB* deposits (MEB**) total fee^
~ share in Bank’s total advances, ^ share in Bank’s total fee for Q2FY24
*QAB – Quarterly Average Balance, **MEB: Month End Balance
Deposit franchise continues to grow faster than the industry with improvement
in quality and composition…
We have grown faster than industry consistently… …with improvement in the quality of deposits… …while delivering healthy CASA levels
and reducing borrowings
~550 bps reduction in outflow rates in CASA ratio* (in %)

last 2 years
18%
44.5% 44.4%
15% 15% 28.7% 42.0%
13%
23.2%
11% 11%
Sep'19 Sep'21 Sep'23
Borrowing (excl refinance) as

Last 1 yr CAGR Last 3 yrs CAGR Last 5 yrs CAGR Sep'21 Sep'23 % of (Deposits + Borrowings)
Industry Axis
12.9% 13.0%
Gained incremental market share of 6.2% in last 3 years as 7.5%

Outflow rates are now among the best in the industry
against closing market share of 4.8% as of Sep’23
Sep'19 Sep'21 Sep'23
* On MEB
Source: RBI, Axis Bank reported data
19
…led by multiple initiatives across the Bank
Focus on Productivity & Exclusively curated Digital, transformation

Premiumization Bharat Banking
Micro market strategy product propositions Partnerships
31% CAGR in Burgundy 16% YOY growth in new 63K+ extensive distribution Project NEO aiding higher
52% increase in # of districts network of Common Service contribution from transaction-
wealth management AUM salary labels acquired in
with total deposits market share Centers (CSC) VLEs 2
since Mar’17 Q2FY24 oriented flow businesses
of over 5% in last 3 years 1
67% of customer requests Project Triumph and ULTIMA Salary remains New SA proposition 63% YOY growth in
serviced digitally as part of “Right fit” strategy to amongst the best offerings “Sampann” launched for individual RTD by value
Branch of the Future accelerate Premiumization’ available in the market today RUSU locations sourced digitally
Calibrated branch expansion ‘Burgundy Promise’ & New ‘PRIORITY’ and ‘Silver eKYC BioM based CASA Siddhi empowering Axis
strategy; added 850+ branches ‘Burgundy Circle of Linings’ launched in FY23 platform, enabling deepen- ing bank colleagues to engage
Trust ‘ launched industry of liabilities products through with customers seamlessly
in last 4 yrs gaining traction
first servicing proposition partnership ecosystem
1.48 mn 13.4% 1.67 mn

new SA accounts acquired in Q2FY24 growth in deposits from Bharat banking Retail Term Deposits acquired in Q2FY24

1 RBI market share district wise (including RRBs) for Mar’23 2 Village Level Entrepreneurs
20
The Bank is a leading player in India’s Wealth Management space
All figures In ₹ Cr
Overall Burgundy AUM^ has grown strongly
31% CAGR*
69% YOY
6% QOQ
Burgundy Private
453,096 adjudged as “Best Private
Bank” for
357,447 Client Acquisition,
260,768 268,754 Asia
213,085
123,298 132,702 147,002
79,127
5th Annual Wealth Tech Awards
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Q2FY23 Q2FY24
* CAGR for period Mar-17 to Sep-23
Burgundy Private AUM^ Burgundy Private Client Base^ Burgundy Private 3-in-1 Cards^
76% YOY 139% YOY 66% YOY

4% QOQ 7,593
166,499
9,639
4,574
94,783
4,035
Sep-22 Sep-23 Sep-22 Sep-23 Sep-22 Sep-23

21
^ includes Burgundy Private AUM as well along with acquired wealth management portfolio of Citibank India Consumer business
`5 trillion Retail loan book remains well diversified
Retail book ~ 76% of our retail book is secured
(in ₹ Billion)
in Rs Crores Sep-23 QOQ YOY % Prop Retail disbursement trends and mix
Home Loans 1,59,173 2% 9% 31%
24% 25% 25%
22% Rural loans 74,663 4% 24% 14% 22%
23% 21% 23% 20%
YOY 17%
Unsecured disbursements
Personal loans 61,168 8% 25% 12%
as % of retail disbursements
QOQ 4%
14% * Auto loans 55,577 4% 22% 11%
3% 1% 2% 157
5,197 146
4,876 4,978 LAP 53,850 6% 23% 10%
118
4,234 4,295 SBB 50,292 9% 42% 10% 109
100
Credit Cards 35,848 3% 72% 7%
Comm Equipment 11,169 2% 50% 2%

1
Others 17,996 9% 22% 3%
Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Total Retail 5,19,736 4% 23% 100%
(1) Others comprise of supply chain finance loans, education loans, gold loans etc. Indexed to 100
ETB^ mix in retail portfolio
83% 100% of PL and 75% of Credit Cards portfolio is to salaried segment

75%
66%
57% **
47%
38% Average LTVs:
53% in overall home loan portfolio
37% in LAP portfolio
Personal Loan LAP Auto loan HL Credit Card SBB

22
^ Existing to Bank *Aided by Citi Bank India consumer business portfolio ** 34% of CC acquired in H1FY24 were through Known to Bank (KTB) channel
Small Business Banking segment is well diversified and continues
to grow strongly…
SBB portfolio (in `Cr.) Well diversified customer base

• `50,292 crores overall book with Business Loan book of
42% YOY
9% QoQ `12,358 crores
• 75% value contribution from Secured products (working

50,292 capital, overdraft, term loans, etc.)
18% 15%
42,982
12,358 • 110 lakh+ average ticket size of working capital secured
loans 2%
10,316 3% 11%
28,617 3%
• 90%+ of SBB working capital portfolio is PSL compliant 3%
6,576 4% 8%
17,859
37,934
• EWS portfolio monitoring indicates risks well under 4%
13,768 8%
4,984 32,666 control 6%
7% 8%
4,951 22,041
12,875
• Digital Quick OD launched Retail trade Wholesale trade
8,817
Textile Iron & Steel
• 85% Branch contribution to total business Healthcare Infra & allied
FY20 FY21 FY22 FY23 Q2FY24 Food processing Lifestyle products
Electronics Plastics
Working Capital Business Loans 24x7 Business loans : Chemicals Power & Electricity
End to End digital lending contributes 57%+ Paper & paper products Other
to overall unsecured BL disbursements

23
…led by our innovative product offerings and transformation initiatives
SBB Equipment Finance
➢ Loans up to 10Cr for Industrial &

Health Care Equipment
Industrial
Machine Tools
Plastic Injection
Packaging
Printing
Healthcare
Diagnostic
Therapeutic
Imaging
Pathology
Life support
One Axis approach

• Platinum & Bharat Bank franchise driving branch growth ‘SBB Sankalp’ project to further improve efficiencies and deliver superior TATs
by re-imagining and digitizing underwriting systems and loan disbursals
• Synergies with Merchant Acquiring
• Leveraging AVC Channel for better lead conversion
24
‘Bharat Banking’ strategy delivering early results
▪ Drive higher business growth and increase market share in Rural and Semi Urban (RuSu) markets through asset led liability strategy
▪ Lending opportunities in RuSu markets to complement the Bank’s overall PSL strategy meaningfully
Focus on building a distinctive model for Bharat Significantly Increase in coverage in RuSu markets
One CSC VLEs

Axis
One Axis solutioning approach 3x
63,500 growth in CSC VLEs in last 2 years
54,000
Distinctive Bharat specific capability stack

19,600 2,373
4,700 Bharat Banking branches
as of Sep’23
Embed banking in the digital ecosystem of the clients
Sep'20 Sep'21 Sep'22 Sep'23
Enhancing Brand in the RuSu markets … has delivered strong growth across key metrics
Use of alternate ecosystems to leverage data & UW 24% 37% 13%

customers better YOY growth in YOY growth in YOY growth
Rural advances disbursements in deposits

25
Rural portfolio is well diversified, offering holistic and integrated
financial solutions by leveraging technology and partnerships
Well diversified rural lending portfolio with … focused on capitalizing opportunities in each
… and leveraging technology and partnerships
presence across 660+ districts across India segment…
Farmer Funding
Rural loans portfolio & composition • Scaling up business by enhancing crop coverage, adding • Live with eKYC based CASA opening at a partner location, and
#
(in `Cr.) 27% CAGR partnerships & better customer retention extending the same journey for FD and other liability products
24% YOY • Building a digital KCC along with RBI Innovation hub
• Digital end to end co-lending journey is scaling up well and live with
Bharat Enterprises 8+ partners
• Widen the product suite to cover multiple financing needs in the
agri value chain such as FPO, AIF etc. and a new line of • Launched an FPO financing with ITC MAARS and extending credit to
business for lower ticket micro enterprises the farmers on their application
70,918 74,663 • Increasing revenue per customer through fee based products
56,332 such as Forex • Redesigning end to end customer journeys to reduce TAT and
37,451 43,698
improve customer experience in all high growth products
Farm Mechanization Loans
• Enhanced proposition for existing customers through • Building a dedicated distribution architecture to capture financials flows
FY20 FY21 FY22 FY23 Q2FY24 standalone farm equipment, and used tractors from the Mandi network
• A revamped customer journey will go live in Q3
• Multi product distribution architecture scaling up well, driving
Gold loans cross-sell to increase product coverage
4% • Enhancing distribution by increasing branch coverage and
7% scaling up volumes from partnerships • Leverage the tech stack of Agritech and Fintech companies to serve
7%
44% • Live with the digital gold loan journey (Phase-1) the Bharat customer
11%
Microfinance - Retail • Better data farming for underwriting and cross sell opportunities esp.
• Accelerating growth through new propositions for graduating using alternate data
graduating JLG customers, and cross-sell retail products
27% • Launching more sales enablement tools to enable sales team to self
One Axis Platform source multiple products
• Deepen the partnership with various parts of the bank to build
Farmer Finance Bharat Enterprises Gold Bharat specific propositions for liabilities, assets and other fee-
based products
MFI-Retail MFI-Wholesale Farm Equipment
The book is well diversified across regions

#Sep-20-
26
to Sep-23
Strong growth in Credit Card issuances
Increase in Cards in force (CIF) market share with increasing card issuances aided by KTB^ partnerships
Axis Bank Magnus Credit Card
~1mn cards issued for 7th consecutive quarter
In million
1.21
1.11 1.13 1.11
0.99 1.04 1.04
Pre-covid 0.77
quarterly
average = 0.55
Airtel Axis Bank Credit Card 0.49 mn
Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24
Indian Oil Axis Bank Credit Card 34% 15% 14.1% 11.5%
incremental CIF market period end market share spends market share
share of KTB1 sourcing to total
share in last 12 months for credit cards in force as in Q2FY24
card issuances in H1FY24
of Sep’23
1Known to Bank
RBI data as on Sep`23
27
End to End Digital KTB acquisition journey with best in class early activation
and spend metrics for Flipkart Axis Bank Credit Card
Customer clicks on Customer fills up the

Flipkart Axis Bank form and submits the
Credit card banner application
and can view details
3.89 mn $
CIF for Flipkart Axis Bank Credit Card,
making it one of the fastest growing co-brand portfolio since its
launch in July 2019
71% monthly activity rate* - Best in class engagement

in Retail segment
Approved customers complete KYC $ CIF as of 30thSep’2023
and income verification via digital or *Based on the average data for Apr’23 to Aug’23 for cards acquired via Flipkart Platform
physical channels
28
Retail spends up 72% YOY, and related market share up ~236 bps YOY
Trend in Credit Card spends market share Trend in Debit Card spends
Overall Q2FY24 CC spends

` 54,006 Crores
YOY QOQ
12.3% 60% 5%
11.5% * 13,259
1.2% 1% 11% 12,247
9.6%
10.1% 1.2% *
11,457 11,415
8.9% 1.0% 10,707
1.6%
1.3%
72% 4%
11.1%
10.3%
*
9.1%
8.0% 7.6%
Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24
Retail CC spends Commercial CC spends

*Market share based on RBI reported data for Q2FY24 29
We are the 2nd largest Merchant Acquiring Bank led by ‘One Axis’ focus,
improved product capabilities and partnerships
Market share in POS terminals One Axis approach – Taking Bank to Merchant
Rank Curated solution offerings : Payment solutions, Deposits, Business loans,

2nd 2nd 2nd 2nd 2nd Credit Cards and Insurance
Co-origination & conversion drives reflecting in healthy CASA balance growth
Capabilities and products

18.6% 18.4% 18.6%
17.8% 17.9%
Powerful terminals: State-of-the-art, feature rich terminals; Android Smart
POS, Pocket Android POS, Micro Pay launched- 50-60% new installations
All in One offering : Features like Tap & PIN, Bharat QR, Digital
Khata with VAS offerings like Card less EMI, Pay Later, Merchant
Rewards
In-house Payment Gateway : Customized Axis Payment Gateway
with differentiated features; success rate of 87%; 99.9% uptime
Sound Box : Sound notification for BQR txn, launched with support
for 10 different languages
Market partnerships
Sep'22 Dec'22 Mar'23 Jun'23 Sep'23 Marquee partnerships: Extension of digital payments ecosystem to
fintech aggregators
Unique sector specific VAS: supported by deep integrations
with merchant value chain players to provide holistic business
Source: RBI data, available till Sep’23
oriented solutions
Digital Dukaan: An Ecosystem Solution to digitize the store, Integrated
with payments at an affordable price. Serving to segments like grocery.
23% Clothing, Bakeries, Services, Pharmacy etc.
Axis incremental market share in last 1 year
(POS Terminals)
30
Empowering merchants through Integrated Ecosystem solutions
DIGITAL DUKAAN MicroPay POS Solution
Android POS with advanced solution Features

• Powered by latest Android version I 5-inch touch screen display. In-built
• Accepts Visa, MasterCard, RuPay Cards and Bharat QR(including UPI)
camera with LED flashlight
• Accepts Contactless without Pin (Amount below Rs 5,000) & Contact (Dip) mode
• Accepts contactless payments Pin & Without pin I Supports VAS such
of payment
as EMI, BQR, Sodexo, BNPL, Khata etc.
• Compliant with latest Card transaction security features
• Application to digitize the store with Multiple payment modes, Inventory
• Enabled with VAS – Khaata Book, BQR, merchant portal & My Rewards
management, Customer management, Digital Itemized billing, Reports
• Audio confirmation for transaction completion
& Analytics, Online store setup etc.
Strong and deep-rooted alliance with multiple partners across India with over 3.6 lakh MIDs and a yearly throughput of 25k+ crores

31
We have a very well distributed branch network; added 207 branches in Q2
Domestic branch network* Branch presence across categories Axis Virtual Centre
5,152
4,903
4,758 17%
4,528 4,594
30%
~3.3 mn
Customer 6
30% connect ^ Centers
23% 1500+
Virtual RMs
Mar-20 Mar-21 Mar-22 Mar-23 Sep-23

Metro Urban
* Includes extension counters Semi-Urban Rural
• Connected with ~3.3 mn customers through this channel in

Q2FY24.
• AVC manages relationship with our existing customers under

affluent and other programs
• Calibrated approach towards new branch additions across focused regions
• AVC is present across West, South, North and East with six
• Aligned to our Bharat Banking strategy, specific RuSu branches follow an asset-led liability model
centres
• Dedicated Asset Desk Managers for fulfilment of all loan leads at select branches
• Select Platinum branches to cater to SBB customer base
^ for Q2FY24

32
Corporate & Commercial Banking
33% 27% 37%

YOY growth in YOY growth in YOY growth in
Domestic corporate SME loan book Mid Corporate book
loans
17% 89% 89%

YOY growth in Share of corporate Incremental sanctions
Corporate & CBG fees advances to clients to A-and above**
rated A-and above
11% 8% 27%
RTGS Market Share
YOY growth in CA NEFT Market Share
# H1FY24 (by value)
deposits on QAB basis H1FY24 (by volume)
** in corporate segment for Q2FY24 # Quarterly Average Balance

Recognized at the Coalition Greenwich Awards for 3rd consecutive year
Market Penetration - Local Banks Market Penetration - Local Banks 2023 Greenwich Excellence Awards for
Indian Large Corporate Banking Indian Middle Market Banking Indian Middle Market Banking
• Effective Senior Management Support

55% 47% • Frequency of Contact
Market penetration * Market penetration *
• Timely Follow-up
*Market Penetration is the proportion of companies *Market Penetration is the proportion of companies Among more than 70 banks evaluated, Axis Bank was voted for
interviewed that consider each bank an important provider interviewed that consider each bank an important provider its distinctive quality w.r.t. 3 out of 11 metrics where the
of corporate banking services of corporate banking services respondents expressed their preference

34
as per the Coalition Greenwich 2023 India Corporate Banking Study
Strong relationship led franchise driving synergies across One Axis entities…
We have re-oriented the organisation structure in Corporate & Commercial Banking for delivering execution excellence
• Segregated the responsibilities of coverage and product groups to ensure sharper focus
• Corporate & Commercial Bank coverage reorganized into 8 coverage groups, each with a stated objective
‘One stop shop’ for Banking needs of Indian Corporates
Conglomerates & Large Transaction Banking

Corporate 1 • Cash Management
• Trade & Supply Chain
Mid Corporate • Letter of Credit/ Bank Guarantee
• Bill/ Invoice Discounting
• Current Accounts
Axis Trustee
Multi-national
2 • Correspondent Banking
• Custodial Services
Full Service Loan & Deposits
Real Economy Corporate &
• Working Capital / Term Loans
Commercial • Wholesale Deposits A.Treds
Bank
Institutional Coverage Treasury, Capital Markets & Investment Banking
3
• Debt Capital Markets (DCM)
Government Coverage • Equity Capital Markets (ECM) Axis Capital
• M&A & Advisory
• Forex & Derivative Solutions
Commercial Banking 4 Linkage to Retail Bank
Axis Finance
• Wealth Management – Burgundy / Burgundy Private
• Salary Accounts of employees Axis MF
Structured Assets
Reliable Partner Throughout the Business Life Cycle

35
…with 89% of the book rated A- and above
Corporate Loans 89% of the corporate loan book is Incremental sanctions to corporates
rated A- or better rated A- & above
YOY QOQ
21% 3%
281,657
268,334
27,565 32% 3%
232,582 32,299 15% 12% 11% 11%
224,062
32,287 44,741
254,092 33% 4% 89%

236,035 85% 88% 89%
94% 92%
191,775 187,841 89% 89%
Mar-21 Mar-22 Mar-23 Sep-23 Mar-21 Mar-22 Mar-23 Sep-23 FY21 FY22 FY23 H1FY24
A- or better BBB and below
Overseas Domestic
66% of book as on 30.09.2023 is 64% of sanctions were to those

rated AA- & above rated AA- & above

36
Overseas Corporate loan book is 97% India linked
• The Bank’s International strategy is to focus on Indian corporates that have global operations
• We have consolidated our overseas business through branches in Dubai, Singapore and Gift City, India
Overseas corporate loan book Funding is primarily for Indian conglomerates and PSU entities
• 97% is India linked based on standard book
40,298
32,299 • 91% is rated A- and above based on standard book

27,565
• 76% of standard outstanding constituted by top 10 conglomerates

Sep-22 Mar-23 Sep-23

37
We have strengthened our proposition as a Transaction Bank
Current Account Digital Adoption

71% Current Account customers
11% YoY growth in Current Account quarterly
registered for internet/mobile banking
average Balances (Q2FY24)
Foreign LC Market Share Forex Turnover Market Share

Market Share maintained Increase in Market Share
11% (H1 FY23) to 11% (H1 FY24) 4.1% (Aug’22) to 6.2% (Aug’23)
RTGS Value Payment Market Share BBPS Market Share

Market Share maintained Increase in Market Share
8% (H1 FY23) & 8% (H1 FY24) 18% (Sep’22) to 21% (Sep’23)
NEFT Volume Payment Market Share

Increase in Market Share IMPS Volume Market Share
9% (H1 FY23) to 27% (H1 FY24) Increase in Market Share
31% (Sep’22) to 33% (Sep’23)
Source:
Foreign LC – SWIFT Watch Forex Turnover – RBI Report
RTGS/NEFT/IMPS Payment – RBI Report BBPS – NPCI Report
38
We remain well placed to benefit from a vibrant Corporate Bond market
Placement & Syndication of Debt Issues All figures in ₹ Crores

Movement in corporate bonds
Amount mobilized / arranged^ Market share and Rank* 22%
21%
20%
17% 18%
56,051 54,977
13% YOY 3rd 2nd 50,811
47,761
44,990
39,553
35,088
17.5% 16.3%
H1FY23 H1FY24 H1FY23 H1FY24

% to Corporate Loans
16th straight year • Leveraging our leadership position in Debt capital markets, we had mobilized
~ `18,000 crores through active participation in the TLTRO auctions
Ranked No. 1 arranger for rupee
denominated bonds as per Bloomberg • We have invested funds in marquee names (non FI, non PSU) thereby
helping to build some new client relationships in wholesale segment .
league table since 2007
• We have limited our investments under this book to AAA/AA rated corporate
Issuer Investment Banker (Merchant issuers
Banker of the Year) Award at the
ASSOCHAM National Summit on Corporate Bond
Market

39
^ Only includes the proportion of amount arranged by Axis Bank *As per Bloomberg League Table for India Bonds
neo for Business, Axis’ mobile first preposition for MSMEs, is enabling us to
become the operational bank of choice
Digital DIY onboarding ~5000 business on-boarded per month since

Existing and Guest commercial launch
Invoicing/Bills
GST/TDS compliant Payment and Bene addition
IMPS, NEFT/RTGS, IFT Higher Activation: 35% rise in active user login 1
Intuitive Dashboard
Full liability stack LIVE focused at becoming the
Overall, Payment, Collection Collections
operational bank of choice: 100+ digital journeys
VA, PG, Recurring,
Payment link
CA based offering instead of Virtual Account/Wallet
Reconciliations
Auto + Manual Servicing
Contemporary UI/UX with bank Customer/Vendor level view Access for non-Axis customers: Guest user for
grade security complete proposition experience
Reports
Bulk processing
P&L; BS; Cashflow Complete customer lifecycle: Linked Video KYC
Ageing; AR/AP Payment and Collections
Txn. Statement,
Tracking
Available on
1 compared to traditional internet banking platform Quarterly Results Q2FY24

40
Industry-wise Distribution (Top 10)
All figures in ` Crores
Outstanding1 as on 30th Sep’23 Total

Rank Advances Investments Non-fund based
Sectors Value (in % terms)
1. Financial Companies2 71,681 30,974 21,712 1,24,367 11.21%
2. Engineering & Electronics 18,640 1,285 36,778 56,703 5.11%
3. Infrastructure Construction3 24,318 4,742 16,083 45,143 4.07%
4. Trade 33,315 1,200 7,903 42,418 3.82%
5. Real Estate4 30,444 2,975 828 34,247 3.09%
6. Iron & Steel 19,493 83 11,890 31,466 2.84%
7. Power Generation & Distribution 20,427 1,897 7,641 29,965 2.70%
8. Petroleum & Petroleum Products 12,468 2,550 11,630 26,648 2.40%
9. Food Processing 22,930 20 3,506 26,456 2.38%
10. Agri 26,020 - 1 26,021 2.35%
1 Figures stated represent only standard outstanding (advances, investments and non fund based) across all segments
2 Includes Banks (34% in Q2FY24 vs 19% in Q1FY24), Non Banking Financial Companies (41% in Q2FY24 vs 39% in Q1FY24), Housing Finance Companies (9% in Q2FY24 vs 25% in Q1FY24), MFIs
(4% in Q2FY24 vs 5% in Q1FY24) and others (12% in Q2FY24 vs 12% in Q1FY24)
3 Financing of projects (roads, ports, airports, etc.)
4 Lease Rental Discounting (LRD) outstanding stood at `21,120 crores 41
Business Performance
Commercial Banking
Strong growth in SBB+SME+MC book despite tightening our risk
standards
21%
20%
18%
15%
14% 28% CAGR*# 28%
42,328 CAGR# in combined MSME, MC and
38,078 40% CAGR# SBB segment since Mar’20
26,481
95,954 19% CAGR#
17,148 89,398
13,117 75,223
51,620
59,034 15.6%
42,982 50,292 45% CAGR# Axis Bank’s Incremental MSME
17,859 28,617
13,768 market share in last 3 years
Mar'20 Mar'21 Mar'22 Mar'23 Sep'23
% of overall loan book SBB CBG Mid Corporate
8.8%
Axis Bank’s market share as % of
SBB+SME+MC book has grown at ~2x the overall book growth, with over 680 bps overall Industry MSME credit
improvement in contribution mix from 14.2% to 21.0% over last 3 years
* Considering our SME+SBB+MC book as numerator

# period for CAGR Mar’20 – Sep’23

43
Commercial Banking business benefitting from technology led transformation
• One of the most profitable segments of the Bank with high PSL coverage
• Data driven credit decisions, minimal documentation, simplified products and digitized operations aiding higher business growth
CBG Advances New to Bank (NTB) book YTD

95,954
89,398 27% YOY
75,786 Indexed to 100
138
100
Sep-22 Mar-23 Sep-23 Sep-22 Sep-23
88% of loans were PSL compliant
CBG Current Account NOA*s Indexed to 100 79% of book is rated SME3 or better
167
14% 14% 20% 21%
100 104
86% 86% 80% 79%
Q2FY23 Q1FY24 Q2FY24 Mar-21 Mar-22 Mar-23 Sep-23

SME-3 or better Others

44
* Number of accounts acquired
SME lending book is well diversified
Book by Loan size Well diversified Geographical mix Well diversified Sectoral mix
14%
16% 16% 25%
16%
9%
35% 10%
27% 17% 2% 8%
3%
11% 3%
3% 6%
2% 11% 4% 5%
22% 17% 4%
4% 6% 4%
Trade Retail and Wholesale Food and Beverages

Textile Engineering Others
West 1 West 2 Petrochemical and Petroleum Products CRE
Less than 5 cr 5 cr to 10 cr South 1 South 2 Other Services Other Metal and Metal Products
South 3 North 1 Chemicals Iron & Steel - Manufacturing
10 cr to 25 cr More than 25 cr Drugs and Pharmaceuticals Infrastructure Construction Other
North 2 East & others Trade Others Industrials
Others
Incremental sanctions to SME rated

SME book mix (by tenure)
SME3 & above
32% 31% 30%
83% 84% 86%

68% 69% 70%
Mar-22 Mar-23 Sep-23 FY22 FY23 H1FY24

Short term loan Long term loan
45
Digital Banking
95% 85% 74% 71% 70% 56%

Digital Credit cards Individual RTDs New SA New MF SIP PL disbursed
transactions1 issued2 (H1FY24) volume (H1FY24) acquisition3 volume (H1FY24) (end-to-end digital)
(in H1FY24)
D2C products
250+ 300+ 4.8 @ ~13 Mn 121400+ ~3325

Employee tool Mobile App Mobile Banking Devices on Bring Robotic automated
Services on
Journeys ratings MAU#(Sep-23) your own device~ processes
digital channels
Transformation
2,300+ 750+ 80%+ Agile 40%+ 75+

People dedicated to In-house digital New hires* from Enabled teams Lift of bank Apps on cloud
banking team* with CI/CD, micro- credit model
technology agenda non-banking
services GINI scores
backgrounds
Capabilities architecture over bureau
~9.2 Mn 34%
Non Axis Bank customers using Axis Contribution of KTB channels to overall
Mobile & Axis Pay apps (as of Sep’23) sourcing of Cards (in H1FY24)
1Based 2 through digital and phygital mode 3 Digital tablet based account opening process for H1FY24
on all financial transactions by individual customers in Q2FY24
@ on Google Play store ~Bring your own device enabled for staff and outsourced team * Including in-house Digital Banking team from Freecharge # Monthly active users
Our digital strategy: open by Axis Bank
Setup open by Axis Bank – A Fully Digital Bank within the Bank
- Distinctive In-house Digital Capability across People, Tech & Processes
Acquire New Customers at Scale

- 74% of retail individual TDs acquired digitally *
Become a Digital Consumer Lending Powerhouse

- 56% of PL disbursed digitally *
Become a Benchmark Digital Bank Globally

- ‘Axis Mobile’ is top rated Mobile Banking App
Become the Leader in New Platform Businesses

- Early leadership in Account Aggregator, ONDC, CBDC, OCEN
A B C
Proprietary, distinctive Re-imagined & delightful Full suite of products
digital native capabilities customer experience and services

*H1FY24 47
A Proprietary, distinctive, digital native capabilities
1 Team 2 Design capabilities 3 Engineering and technology
Agile product development lifecycle
Continuous deployment
2300+ SUBZERO
People dedicated to digital agenda Axis Bank’s DESIGN SYSTEM
Modular micro-services based architecture
~300 ~350 ~50

Engineering Product Design
team Axis Bank’s ILLUSTRATION
team team
SYSTEM
Impact Metrics
80%+
One Design Language
new hires from non-banking background
Fintech | E-commerce | IT | Consulting | others
Reduced Development Effort
All new customer facing applications are cloud native
.. across roles forming full-service teams
Design effort down by 30%
Product | Engineering | Design | Partnership
Governance | Channels | Digital Marketing

48
A Leadership in technology with several industry firsts…
1st 1st Cloud 1st

Indian Bank to be Bank to hollow the core Only among peers to
member of for elite merchants on UPI have 3 Enterprise grade
Banking Industry landing zones
Architecture Network Leading player in UPI
(BIAN) Payer PSP (a)
~2.5x 400+ 790

Tech investment growth Retail, Corporate & Best-in-class
in 3 years with ~2x Connected Banking APIs BitSight (b) rating in BFSI
growth in IT team Partnership Integration
strength (c) with Market Leaders
(a) National Payments Corporation of India (b) BitSight Security Ratings as of Sep’2023 – higher the rating, the more effective the company is in implementing good security practices (c) As of Mar’23

49
A Built best-in-class personalization capability and are leveraging
alternate data to scale up our customer centric franchise
Building data stack 3.0 for next level of analytics and have created service data lake for enhanced customer experience
Data Stack 3.0 - Cloud Personalization – 15k+ nudge variants live to

become best customer experience app in the world
100+ Alternate Data features powering 50+ distinctive

Streaming Analytics Data Science models
Data Stack 3.0 is the modern and scalable architecture

BI ML that helps deploy 1000+ use cases
16% contribution to TD business via data backed

personalization framework
2x Fraud prevention in FY24 TD Vs FY22 via robust alerts

Structured, Semi Structured and Unstructured Data framework
On the fly elasticity

Separation of compute from storage

50
B Distinctive customer experience : World’s highest rated Mobile Banking App,
doubling up as our largest branch
Store Rating Bank on-the-go with Axis Mobile App
4.8 Hyper personalized | Intuitive | Seamless

4.6 Highest rating of 4.8 on Google Play Store with 2.2 mn+ reviews across 64
global banks, 82 fintechs and 9 neo banks
People’s Choice
67% 250+ ~ 26 mn ~ 13 mn
of Branch service request DIY Services on Registered customers on Monthly active users on Axis
volumes covered mobile channel Axis Mobile Banking Mobile Banking *
~ 9.2 mn ~`5.0 tn ~ 1.5 bn 64%

Non-Axis Bank customers using Axis MB spends in Q2FY24, MB volumes in Q2FY24, up MB customers banking only
Mobile & Axis Pay apps up 36% YOY 50% YOY on mobile app
as of Sep-23
* Monthly Active Users engaging in financial and non-financial transactions

51
B Distinctive customer experience: redesigned FD journey
Best in class 3 click FD journey
Customised options for Cross-selling OD against FD

selecting tenure during premature closure
journey
Option to enter deposit name,

employee code and default re-
invest

52
B Distinctive customer experience: Hyper personalised nudges
Regulatory and Servicing Cross sell and upsell Payment and investment

53
C We continue to scale up Account Aggregator based use cases
Recently launched ‘One View’ on Axis Mobile
Multiple use cases live in asset onboarding journeys
Small Business
Personal Loan Auto Loan
Loan
Peer Bank 1
Peer Bank 2 Two-Wheeler

Credit Cards Home Loan
Loan
123% 318%
• Consolidated balances from different banks ~ 0.46 mn + YOY growth in AA* based YOY growth in AA based Auto
• Track all transactions at one place Personal loans disbursed loans disbursed
Registrations in last 5
• Download and Email statement months since launch
* Accounts Aggregator
54
C We continue to introduce new products driven by our OPEN philosophy…
Personal loans Central Bank

Digital KCC Digital Gold loans Bill Pay
on Flipkart Digital Currency
NEW NEW NEW NEW REDESIGNED

55
C …while significantly scaling up existing products
24x7 Personal loan 24x7 Auto loan Digital FD Cards portfolio Forex Card
24x7 Personal loan
56% 75% 79% 69% 85%

Share of PL disbursed digitally* YOY increase in Auto loans YOY increase in retail individual Cross sell / Up sell digitally Share of Forex Cards
(end to end) by value disbursed digitally* (by value) FDs sourced digitally* (by value) issued digitally

*H1FY24 56
C UPI has scaled up tremendously to become a key channel for customer transactions
We have developed best-in-class UPI stack that enables us to offer cutting edge customized solutions across SDK, Intent, Collect and Pay
offerings apart from new use cases like UPI AutoPay
Dedicated IT cloud infrastructure to exclusively handle high volume UPI transactions has resulted in Axis Bank achieving one of the lowest
decline rates as a remitter when compared to peer banks
Strong customer base and partnerships UPI transaction value and volumes UPI P2M Throughput
(as Payer PSP) (in ` crores)
781 mn
Cumulative VPA base** 79% YOY 52% YOY
5,520
~ 6.3 mn 3,864
4,270 4,196 70% YOY
Merchants transacting per day on our stack 3,086 196,082

760,294
167,237
Marque partnerships across the PSP and 641,725 153,590
620,476 146,952
acquiring side 567,884 129,334
447,365
and many others.. Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24
** A user registering VPA once in Axis Pay and once in Google Pay is Quarterly transaction value (in `Cr)
counted as 2 Quarterly transaction volume (in mn)

57
Partnerships as a channel has significant potential to expand our customer base
We have 100+ Partnerships across Platforms and Ecosystems
Product Specific (API banking) Transaction banking (White-labelled banking)

• Channel to acquire & service customers, complete customer ownership with Bank • Banking as a Service
• Co- branded products; revenue sharing (Offering FDs, PL and Credit Cards) • Deep integration with the partner
Aggregators
Mobility E-commerce Telecom
Enablers Neo-Banks Remittance Platforms
APIs hosted on Bank’s 400+ ~285+ ~25+

API Developer Portal Total APIs Retail APIs Connected APIs
58
Executive Summary
Asset Quality
Sustainability

59
Stable asset quality visible across all segments
GNPA at 1.73% & NNPA at 0.36% Segmental composition
Retail CBG WBG Total
65%^ 71%^ 92%^ 79%^
2.50% 2.38%
2.02% 1.96%
1.73%
1.32% 2.53%
0.51% 0.47% 0.39% 0.41% 0.36% 1.73%
0.47% 1.08%
0.21% 0.36%
0.31%
Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 GNPA NNPA GNPA NNPA GNPA NNPA GNPA NNPA
GNPA % NNPA %
^ Provision coverage ratio without technical write offs
Slippages (Annualised) Credit Cost (Annualised)
2.05% 1.88% 2.03%

1.76% 1.87%
1.49%
0.93% 0.80% 0.95%
0.59% 0.74% 0.60% 0.74% 0.70%
0.41% 0.32% 0.38% 0.65%
0.38%
0.50% 0.42%
0.22%
Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24
Gross slippages Net slippages Credit Cost Net credit cost**

** credit cost net of recoveries in written off accounts

60
Legacy asset quality issues adequately addressed
Overall Credit Costs: FY10 to Q2FY24

3.57%
3.53%
Trend in BB corporate book
Credit Cost 7.29% (Fund based as % of GCA)
2.82%
Net Credit Cost
2.78%
2.15%
1.32%
1.91% 1.87% 0.35%
1.89%
1.35% 1.56% 1.68% Jun'16 Mar'19 Sep'23
Long term (FY03 to Q2FY24) 1.11%
1.04%
1.19% 0.70% 0.74% 0.74%
0.61% 0.62% 0.61% 1.06%
0.72% 0.70%
0.54%
0.50% Asset quality metrics
0.54% 0.55% 0.42%
0.46% 0.48% 0.40% 62%
0.37%
56% 5.26%
79%
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Q1FY24 Q2FY24
2.06% 1.73%
1.67%
0.70% 0.36%
• Reduced lumpiness of the wholesale business: Given quality and granularity of the wholesale book, the new credit costs
Credit Costs
Drivers of
should be lower for this cycle as compared to previous cycle Mar'16 Mar'19 Sep'23
GNPA NNPA
• Provisioning rules tightened and rule based, PCR an outcome: We now operate at 15% to 20% higher than where we
used to previously operate. This needs to be factored in the incremental provisioning in the short term
• We feel comfortable growing our retail unsecured book now: It will give us better risk adjusted NIMs, credit costs PCR Without technical writeoffs
standalone will be higher

61
Detailed walk of NPAs over recent quarters All figures in ₹ Crores

Gross NPAs - Opening balance A 21,037 19,894 19,961 18,604 18,158
Gross NPAs acquired from Citi B - - 396 - -
Fresh slippages C 3,383 3,807 3,375$ 3,990 3,254
Upgradations & Recoveries D 2,826 2,088 2,699 2,305 1,985
Write offs E 1,700 1,652 2,429 2,131 2,671
Gross NPAs - closing balance F = A+B+C-D-E 19,894 19,961 18,604 18,158 16,757
Provisions incl. interest capitalisation G 15,898 16,131 15,045 14,455 13,315
Net NPA H = F-G 3,996 3,830 3,559 3,704 3,441
Provision Coverage Ratio (PCR) 80% 81% 81% 80% 79%
Accumulated Prudential write offs I 36,865 37,366 38,015 38,332 39,404
PCR (with technical write-off) (G+I)/(F+I) 93% 93% 94% 93% 94%
Provisions & Contingencies charged to Profit & Loss Account

Loan Loss Provisions 751 1,341 270 1,146 1,010
Other Provisions (201) 97 36 (111) (195)
For Standard assets* 161 106 204 77 111
Others** (362) (9) (168) (188) (306)
Total Provisions & Contingencies (other than tax) 550 1,438# 306 1,035 815
$ includes non-recurring impact of day 1 cross NPA slippages from acquisition of Citi India Consumer Business
* including provision for unhedged foreign currency exposures
** includes provision for restructuring pool and other non-NPA provisions
# includes `340 crs on account of non recurring, one-time / prudent items, representing 24% of provisions for the quarter
62
Executive Summary
Asset Quality
Sustainability

63
Our ESG Progress
Our Purpose Statement: Banking that leads to a more inclusive and equitable economy, thriving community and a healthier planet
Steady Performance on Global

ESG Benchmarks
Above 80th percentile
Environmental Social Governance among global banks
on DJSI in 2022
~12,152 tCO2e* 1.3 Mn 1st
Households reached Indian Bank to constitute an
GHG emissions avoided annually
under Sustainable Livelihoods ESG Committee of the Board 9th Consecutive year
on FTSE4Good Index
~ ₹18,140 Cr 2.2 Mn 69% in 2023
Green lending portfolio as of Women borrowers under Proportion of Independent,
March 2023 Retail Microfinance Non-Executive directors
MSCI ESG Ratings
25.7% 15% at A in 2022
7.05 MW Female representation
Proportion of women
In-house solar power capacity directors on the Board
in workforce CDP Score at C in
2022
* Estimated savings from key internal initiatives annually based on Assured data for FY 2023
5th amongst 601

companies on CRISIL
ESG Ratings 2022
Among the top 10 Among top 10 Among Top 10
Constituents of Nifty100 constituents of S&P Constituents of MSCI India
ESG Sector Leaders Index BSE 100 ESG Index ESG Leaders Index Quarterly Results Q2FY24
64
Committed to Positive Climate Action and Achieving the SDGs
In September 2021, the Bank announced commitments aimed at supporting India’s low-carbon and equitable economic
transition towards achieving the SDGs and India’s commitments under the Paris Agreement
Our Commitment Unit Progress As of March 2022 Progress as of March 2023
Incremental financing of Rs. 30,000 Crores under Wholesale Banking to Cumulative

₹10,414 Cr (from Aug 2021) ~₹20,400 Cr
sectors with positive social and environmental outcomes, by FY 2026 Exposure
EV % as share of
Making 5% of its retail Two-Wheeler loan portfolio as electric by FY 2024 0.82% 2.52%
TW loan portfolio
• Incremental
Incremental disbursement of Rs. 10,000 crores by FY 2024 under Asha
disbursement ₹3,359 Cr ₹6,602 Cr
Home Loans for affordable housing; increasing share of women borrowers
• Share of women 5.86% 15.69%
from 13.9% to 16.9%
borrowers
Scaling down exposure to carbon-intensive sectors, including Coal and Progress on Glide Exposure below FY 2023
Glide path till 2030 created
Thermal Power Path Target
Reaching 30% female representation in its workforce by FY 2027 Overall diversity 24.6% 25.7%
Planting 2 million trees by FY 2027 across India towards contributing to Site preparation completed at 5
Saplings planted ~0.83 million saplings planted
creating a carbon sink locations

65
Striving for Operational Excellence
Committed to reducing our operational carbon footprint
The Bank’s 3 largest offices, in Mumbai and Bangalore are running on 100% renewable
power
7.05 MW functional captive solar power capacity at close to 250 locations*, helping avoid
approximately 3,066 tCO2e annually
Centralized Energy Management System (CEMS) at 600 branches,

saving ~3,242 tonnes of CO2 emissions
On-grid inverter solutions at 200+ rural branches to move away from DG sets
Providing EV Charging infrastructure at Head offices in Mumbai and at Noida
~ 12,152 Metric tons of GHG emissions avoided from diverse energy saving initiatives
‘Branch of the Future’ initiative by Digital Banking helping each branch save estimated
~ 2 million sheets of paper annually

* All data for FY 2023 66
Sparsh, our Customer Obsession program, is running with focus on impact,
sustenance & employee engagement
Sparsh now embedded across all customer touchpoints, Building a culture of Customer Obsession: Sparsh Week
processes & metrics A pan-bank event with a series of engaging customer-centric activities
to amplify and build on the organizational spirit and promise of
1. Getting more customers as promoters Customer Obsession
NPS (Net Promotor Score) movement over indexed baseline
Baseline1 Sep ‘23 Movement ~20 high decibel events conducted under 3 themes
Retail Bank 100 148 +48
Wholesale Bank 100 *133 +33 Listen Act Celebrate
2. Delivering Axis Promise to customers: Industry First “My

Request” page LIVE on Mobile App/Net Banking Key Highlights
• LIVE: Burgundy customers’ 6-hour promise • Staggering 50,000+ employees engaged with over 22 hours of LIVE event content
on select requests on MB
• MasterClasses by industry experts from Swiggy, MullenLowe, OneCard & more
• LIVE: Status of Retail Liabilities & Credit Card
requests for all customers • Listen & Learn sessions with customers, focused on fraud awareness, were held
across branches
• Commitment on turnaround time & LIVE
current status • In-branch instant feedback via QR codes went live in all strategic branches
• Omnichannel – Requests raised from any
channel in single view • 3000+ Customer Success Stories captured during the Sparsh Week
• Scenario based personalized messages
1.Baseline as Q1 of FY 23 Quarterly Results Q2FY24

67
*Wholesale FY23 exit numbers, as NPS assessment done annually
Executive Summary
Asset Quality
Sustainability

68
Significant value creation happening in our key group entities
Detailed One Axis presentation Link
Invst Banking Consumer Retail Fintech

Asset Management Trustee TReDS platform Insurance
& Inst Equities focused NBFC Brokerage platform
One of the fastest Leadership position in AAA rated NBFC with 3rd largest bank led Amongst the leading One of the major fintech Leading player on 4th largest private
growing MF player ECM deals segment diversified product offerings brokerage firm trustees in India players in India TReDs platform insurance company @
1 2
75% (JV Schroders Plc ) 100% 100% 100% 100% 100% 67% 12.99% (Co-promoter),
Accounting Associate
3
47% All figures in ` Crores
Total investments* made Combined PAT* of operating subs

Combined networth* of operating
subs 39% CAGR#
9% CAGR^ 27% CAGR^ 18% YOY
2,622 2,622
7,034 1,378
2,216 6,409 1,304
1,195 1,170
1,801 1,808 1,816
4,768
833
3,291
2,410 2,552
477
347
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Sep-23 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Sep-23 FY19 FY20 FY21 FY22 FY23 H1FY23 H1FY24
# CAGR for period FY19 to FY23 (Annualized)
1) 25% is held by Schroders Plc 2) Including stakes owned by Axis Capital and Axis Securities; Also, there is further Option to take overall stake to 19.99%
3) 47% effective stake held by Axis Group in step down subsidiary (51% stake held by Axis Mutual Fund & 9% stake held by Axis Bank)
^ CAGR for Mar-19 to Sep-23 period @ Based on New Business Premium Quarterly Results Q2FY24
69
* The figures represented above are for the Bank’s domestic group entities as per Indian GAAP, as used for consolidated financial statements of the Group
Axis Finance : PAT up 26% YOY, Retail book up 49% YOY
42% CAGR** All figures in ₹ Crores
Growth in Assets under Finance (AUF) 31% YOY
26,834 Major Highlights
22,969 • 49% YOY growth in Retail book, retail mix up ~523 bps YOY to 44%
20,445 11,799
17,059 9,495
7,920
(44%)
• 20% YOY growth in Wholesale loan book
11,089 5,694
7,816
251 1,880 • 15.9% ROE for H1FY24 and 16.7% for Q2FY24
13,474 15,035
11,365 12,525 (56%)
7,566 9,209 • 17.9% Capital adequacy ratio
Mar'20 Mar'21 Mar'22 Mar'23 Sep'22 Sep'23 • 0.31% Net NPA with near zero restructuring
Wholesale + Emerging Retail
** CAGR for period Mar’20 to Sep’23
33% CAGR*
Trend in total income, pre-provision profit and PAT
45% YOY
2,297
22% CAGR* 34% YOY
1,514 1,493
35% CAGR* 26% YOY
984 1,023 1,031
911
663
548 475
358 363 385 364 302 405
227 193 211 210 265
FY19 FY20 FY21 FY22 FY23 H1FY23 H1FY24
Income Pre-provision profit PAT
* 3 yr CAGR (FY20 to FY23) Quarterly Results Q2FY24

70
Axis AMC : Revenue up 8% YOY
Overall QAAUM 20% CAGR* Equity QAAUM 29% CAGR*

5% YOY
1% YOY
259,818 259,795
241,415 248,343
143,546 148,283 150,209
137,074
196,549
98,822
138,402
61,968
Mar-20 Mar-21 Mar-22 Mar-23 Sep-22 Sep-23 Mar-20 Mar-21 Mar-22 Mar-23 Sep-22 Sep-23
* CAGR for period Mar-20 to Sep-23
66% CAGR* Trend in PAT 4% YOY Major Highlights
415
357 • 6% AUM market share as of Sep’23
242 • H1FY24 revenue stood at 514 crores up by 8%

183 189
121 • 63% of overall AUM consists of Equity & Hybrid funds
55
• Highest rated customer app (AppStore 4.6 & PlayStore 4.5) in AMCs
FY19 FY20 FY21 FY22 FY23 H1FY23 H1FY24
* CAGR for period FY19 to FY23
• 12.5 mn client folios as at of Sep’23
Scheme AUM/AAUM (Amt in cr) Rs.247787.92 / Rs.259794.59 Asset Classwise AUM / AAUM: Liquid/Money Market: 29721.77/35735.94, Gilt:
212.74/214.95, Income/Debt: 49280.54/53835.11 Equity including ELSS: 148375.83/149547.35, Hybrid: 8792.24/9173.11, Solution: 1833.24/1832.71,
Index: 2601.92/2251.71, ETF: 5059.64/5102.71, FOF: 1910.00/2101.01. AUM by geography (%) [Cities]: Top 5: 54.48% Next 10: 14.60% Next 20:
6.21% Next 75: 7.55% Others: 17.16%
71
Axis Capital : Strong positioning in Equity Capital Markets
H1FY24 Ranking* (includes IPO, FPO, QIP, REIT, OFS & Rights)
Major Highlights
Rank Banker No of Deals*
1 Peer 1 19 • 48 IB deals closed in H1FY24 that include 34 ECM and 6 M&A deals
2 Axis Capital 17 • 2nd rank in ECM deals

3 Peer 2 17
• 43% YOY growth in Q2FY24 revenue from Institutional Equity business
3 Peer 3 14
• ₹253 crores – Revenue from operations in H1FY24
3 Peer 4 12

Revenue from Operations Profit After Tax
22% CAGR^ 20% YOY 12% CAGR^ 5% YOY
521
441 200
381 166
142
241 253
211 100
64 68
FY20 FY21 FY22 FY23 H1FY23 H1FY24 FY20 FY21 FY22 FY23 H1FY23 H1FY24
*Source: Primedatabase; Updated till 30th September, 2023; Quarterly Results Q2FY24
Includes all Equity IPOs, FPOs, QIPs, OFS, REIT, InvIT,Rights Transactions 72
^ CAGR for period FY20 to FY23
Axis Securities : PAT up 14% YOY
Total customer base (in mn)
13% YOY
3rd largest bank led retail brokerage in terms of customer base 23% CAGR*
Major Highlights
5.15
4.86
4.54 • 13% YOY growth in customer base in Q2FY24
4.17
3.63
• 54% of the volumes in Q2FY24 was from Mobile trading
2.10 2.27
• 58% of clients traded through Axis Direct Mobile App in Q2FY24
• ₹ 457 crores - broking revenues in H1FY24, up 36% YOY

Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Sep'22 Sep'23
* CAGR for period Mar-19 to Mar-23
Broking Revenue 36% YOY Profit After Tax

14% YOY
56% CAGR* 133% CAGR*
724
662 232
203
166
425 457
336 113
100
191
16
FY20 FY21 FY22 FY23 H1FY23 H1FY24

FY20 FY21 FY22 FY23 H1FY23 H1FY24

* CAGR for period FY20 to FY23 73
A.TREDS: Invoicemart setting a new benchmark in TReDS
A.TREDS is the largest TReDS entity which operates on a perpetual license, allowed by RBI to set up the Trade
Receivables Discounting System (TReDS), an electronic platform for facilitating cash flows for MSMEs
The TReDS platform connects MSME sellers and their corporate buyers to multiple financiers. It enables
discounting of invoices of the MSME sellers raised on large buyers, through a transparent bidding mechanism that
ensures financing of receivables at competitive market rates.
Our digital invoice discounting platform ‘Invoicemart’ has set a new benchmark by facilitating financing of MSME
invoices of more than ₹ 75,600 crs+. Crossed a monthly figure of ₹ 4,000+ crs in Sepptember 2023.
Invoicemart has helped in price discovery for MSMEs across 870+ locations in India who are now able to get their
bills discounted from 60 financiers (banks, NBFC factors and NBFCs)
Progress so far (Jul’17 to Sep’ 23)
Throughput Invoices Discounted (in No’s) Participants on-board

~ ₹ 75,600 Cr ~ 20 Lakh ~ 25,000

74
Freecharge: Building capabilities in four key areas – Consumer Lending,
Merchant Business, Payments for Lending, and Payment Aggregation
Merchant Business Payment Aggregation Consumer Payments & Lending
• 20% growth in number of merchant acquisitions in • GMV & performance maintained despite PA • Average order value per user increased by ~9% in
Q2 FY24 from Q1 FY24 embargo from February 2023 on new merchant Q2 FY24 vs Q1 FY24
• 10% growth in merchant GMV from Q1 FY24 to Q2 onboarding. Scale up planned post RBI approval. • Axis Rupay Credit Cards launched on Freecharge
FY24 and crossed 1 lac MAU on Merchant app in • New features rolled out – app. Customers can now apply for Rupay credit
Q2 FY24 cards and link to UPI for seamless transaction
• 3DS 2.0: Upgraded to latest version of 3DS for experience. Currently live for existing Axis Bank
• Dynamic QR launched on merchant app, allows further security enhancement on card
merchant to set order value on each QR & always customers, to be rolled out for New to Axis Bank
transactions. customers in next phase
receive the exact order amount, without any
customer intervention. No device investment • New website launched, showcasing Payment • Rolled out Rupay credit card linking to
needed as feature available on merchant’s phone Gateway capabilities Freecharge UPI, allowing users to transact
• Gold Loans pilot launched in select cities, to be • Superior offering for Financial services seamlessly on Freecharge UPI via Rupay credit cards
scaled up in Q3 merchant integration with Third Party • UPI central mapper launched – allows users to pay
• Revamped merchant onboarding journey verification services to allow payments from anyone with just the mobile number without requiring
launched via Mitra app (fleet management app) verified accounts and initiate instant refunds their VPA
with multiproduct capabilities • EMI on credit card • Bill box feature launched – allows customers to
manage all bills payments from single window

75
Executive Summary
Asset Quality
Sustainability

76
Our winning mindset is reflected in multiple awards and recognitions…
Won ‘Domestic Retail Bank of the Won “Infosys Finacle Award”, Won BFSI Tech “Best Product
Best BFSI Customer
year’ and ‘Digital Transformation for AI implementation Innovation in BFSI (Sarathi)” Award
Experience of the year for
Best BFSI Brand Award of the year’ Award NEO API Banking Suite
Ranked 3rd for India Large Corporate Asia’s Best in Infrastructure Won “Best Private Bank for Best BFSI MSME Support for
Excellence of the year in
banking and Middle Market banking Modernization Client Acquisition, Asia”, 5th NEO Connect, a Project NEO
Innovation and Banking
Annual Wealth Tech Awards initative for Wholesale Banking
Won “Highest Improvement in Data Won ‘Analytics India Magazine’s Won “Retail Banker’s International
Quality of Commercial Bureau” Award Secured 3rd position in NPS ‘Most Recommended Retail Asia Trailblazer”, for use of AI & ML
Cypher’ award for Data Bank in India’ and ‘Most Helpful
Recognition Programme in financial services
Engineering excellence Bank during Covid-19 in India’
Won “Finnoviti Award for Customer engagement initiative

Project Maximus” of the year for NEO Connect
Won ‘Leadership in Social Impact’ “Great Place to Work-Certified” ‘Best Sustainability-linked Bond
award at the ESG India among India's Best – Financial Institution’ for its
Leadership Awards 2021 Workplaces™ in BFSI 2022. US$600m Sustainable AT1 Bond
77
Shareholding Pattern (as on September 30, 2023)
Life Insurance Corporation Others

7.95% 7.26%
GDR's
3.35%
Foreign Institutional
Investors
53.32%
Indian Institutions
28.12%
▪ Share Capital `616 crores

▪ Shareholders’ Funds `136,702 crores
▪ Book Value Per Share `444
▪ Diluted EPS (Q2 FY24) # `75.28
▪ Market Capitalization `297,181 crores (as on October 23rd, 2023)
# annualized

78
Financial Performance
Financial Performance (₹ crores) Q2FY24 Q2FY23 % Growth H1FY24 H1FY23 % Growth
Interest Income A 26,626 20,239 32% 52,183 38,968 34%
Other Income B = C+D+E 5,034 3,855 31% 10,121 6,784 49%
- Fee Income C 4,963 3,776 31% 9,451 7,282 30%
- Trading Income D (101) (86) - 418 (753) -
- Miscellaneous Income E 173 165 5% 252 255 (1%)
Total Income F = A+B 31,660 24,094 31% 62,304 45,751 36%
Interest Expended G 14,312 9,879 45% 27,910 19,223 45%
Net Interest Income H = A-G 12,315 10,360 19% 24,273 19,744 23%
Operating Revenue I = B+H 17,349 14,216 22% 34,395 26,528 30%

Core Operating Revenue* J 17,450 14,302 22% 33,976 27,282 25%
Operating Expenses K 8,717 6,499 34% 16,948 12,925 31%
-Staff Expense L 2,610 2,167 20% 5,298 4,353 22%
-Non Staff Expense M 6,107 4,332 41% 11,650 8,572 36%
Operating Profit N = I-K 8,632 7,716 12% 17,446 13,603 28%
Core Operating Profit* O 8,733 7,802 12% 17,028 14,357 19%
Provisions other than taxes P 815 550 48% 1,849 909 103%
Profit Before Tax Q = N-P 7,817 7,166 9% 15,597 12,694 23%
Tax Expenses R 1,954 1,837 6% 3,936 3,239 22%
Net Profit S = Q-R 5,864 5,330 10% 11,661 9,455 23%
EPS Diluted (in `) (annualized) 75.28 68.36 75.28 61.27
Return on Average Assets
1.76% 1.80% 1.78% 1.62%
(annualized)
Return on Equity (annualized) 18.30% 18.49% 18.72% 16.80%
Capital Adequacy Ratio (Basel III)
17.84% 17.72% 17.84% 17.72%
(incl. profit)
* excluding trading profit

79
Financial Performance
Financial Performance ($ mn) Q2FY24 Q2FY23 % Growth H1FY24 H1FY23 % Growth
Interest Income A 3,206 2,437 32% 6,284 4,692 34%
Other Income B = C+D+E 606 464 31% 1,219 817 49%
- Fee Income C 598 455 31% 1,138 877 30%
- Trading Income D (12) (10) - 50 (91) -
- Miscellaneous Income E 21 20 5% 30 31 (1%)
Total Income F = A+B 3,812 2,901 31% 7,502 5,509 36%
Interest Expended G 1,723 1,190 45% 3,361 2,315 45%
Net Interest Income H = A-G 1,483 1,248 19% 2,923 2,378 23%
Operating Revenue I = B+H 2,089 1,712 22% 4,142 3,194 30%

Core Operating Revenue* J 2,101 1,722 22% 4,091 3,285 25%
Operating Expenses K 1,050 783 34% 2,041 1,556 31%
-Staff Expense L 314 261 20% 638 524 22%
-Non Staff Expense M 735 522 41% 1,403 1,032 36%
Operating Profit N = I-K 1,039 929 12% 2,101 1,638 28%
Core Operating Profit* O 1,052 940 12% 2,050 1,729 19%
Provisions other than taxes P 98 66 48% 223 109 103%
Profit Before Tax Q = N-P 941 863 9% 1,878 1,529 23%
Tax Expenses R 235 221 6% 474 390 22%
Net Profit S = Q-R 706 642 10% 1,404 1,139 23%
EPS Diluted (in `) (annualized) 75.28 68.36 75.28 61.27
Return on Average Assets
1.76% 1.80% 1.78% 1.62%
(annualized)
Return on Equity (annualized) 18.30% 18.49% 18.72% 16.80%
Capital Adequacy Ratio (Basel III)
17.84% 17.72% 17.84% 17.72%
(incl. profit)
$ figures converted using exchange rate of 1$ = `83.045

* excluding trading profit 80
Balance Sheet
Balance Sheet As on 30th Sep’23 As on 30th Sep’22 As on 30th Sep’23 As on 30th Sep’22 % Growth
CAPITAL AND LIABILITIES In ` Crores In ` Crores in $ Mn in $ Mn
Capital 616 614 74 74 0.3%
Reserves & Surplus 1,36,086 1,23,950 16,387 14,926 10%
ESOP Outstanding 648 298 78 36 117%
Deposits 9,55,556 8,11,015 1,15,065 97,660 18%
Borrowings 1,85,243 1,81,400 22,306 21,843 2%
Other Liabilities and Provisions 60,765 68,204 7,317 8,213 (11%)
Total 13,38,914 11,85,481 1,61,227 1,42,752 13%
ASSETS
Cash and Balances with RBI / Banks

68,592 71,209 8,259 8,575 (4%)
and Call money
Investments 2,95,691 2,87,621 35,606 34,634 3%
Advances 8,97,347 7,31,083 1,08,056 88,035 23%
Fixed Assets 5,238 4,731 631 570 11%
Other Assets 72,046 90,837 8,675 10,938 (21%)
Total 13,38,914 11,85,481 1,61,227 1,42,752 13%
$ figures converted using exchange rate of 1$ = `83.045 Quarterly Results Q2FY24

81
Limited restructuring, largely secured and well provided; Declining
BB & Below Book All figures in ₹ Crores
Bank’s Net NPA* and Fund based BB and Below* portfolio Update on restructured book
Outstanding Covid (1+2) restructuring as on 30.09.2023 Implemented

PCR (excluding technical write offs) at 79%; net NPA improved 15 bps YoY
80% 81% 81% Bank 1,756

80% 79%
Retail 1,536
1.13%
1.20%
Wholesale 219
1.00%
1.00%
0.80% CBG -
0.77% 0.71%
0.80%
0.62% Bank as a % of GCA 0.19%
0.53%
0.60%
0.38% 0.39% Retail as a % of segment GCA 0.29%

0.35%
0.40%
Wholesale as a % of segment GCA 0.08%

0.51% 0.47% 0.39% 0.41%
0.20%
0.36% CBG as a % of segment GCA -

0.00%
Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 ▪ Provision on restructured book Rs. 510 crs, coverage ~ 21%
Net NPA BB & Below (Fund based) ▪ ~97% of Retail Covid (1+2) is secured, unsecured 100% provided
PCR without technical write-offs
▪ Linked but not restructured NFB Rs.895 crores
▪ MSME (1+2) restructured book Rs. 336 crs, 0.04% of GCA, provision held Rs. 98 crs
▪ Linked non-restructured book Rs. 117 crores, provision held Rs. 40 crs
Key comments on BB and Below book
BB & below book
▪ Rs. 130 crs downgraded to BB & below during the quarter, down 42% YOY
BB & Below Outstanding Q1 FY24 Q2 FY24 ▪ Rs. 96 crs slippages (FB + Investments) to NPA
▪ Average ticket size ~ Rs. 35 crs
Fund based (FB) 3,645 3,434
▪ ~ 17% of BB & Below book rated better by at least one rating agency
Non fund based 1,385 1,326 ▪ Top 4 sectors comprising Power Generation & Distribution, Infra Construction. Hotels, and
Investments 787 656 Real Estate account for 66% of FB book
The outstanding amount in ‘BB and Below’ portfolio incorporates cumulative impact of rating Upgrades /
Downgrades and Slippages from the pool
*As % of customer assets, as applicable Quarterly Results Q2FY24
82
Safe Harbor
Except for the historical information contained herein, statements in this release which contain words or phrases
such as “will”, “aim”, “will likely result”, “would”, “believe”, “may”, “expect”, “will continue”, “anticipate”, “estimate”,
“intend”, “plan”, “contemplate”, “seek to”, “future”, “objective”, “goal”, “strategy”, “philosophy”, “project”, “should”,
“will pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other factors that
could cause actual results to differ materially from those suggested by the forward-looking statements. These
risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, future
levels of non-performing loans, our growth and expansion, the adequacy of our allowance for credit losses, our
provisioning policies, technological changes, investment income, cash flow projections, our exposure to market
risks as well as other risks. Axis Bank Limited undertakes no obligation to update forward-looking statements to
reflect events or circumstances after the date thereof.

83
Thank You

84

Axis Oct24

Uploaded by

Copyright:

Available Formats

Axis Oct24

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Axis Oct24

Uploaded by

Copyright:

Available Formats

AXIS/CO/CS/387/2023-24

October 25, 2023

Listing & Compliance Department Listing Department

NSE Symbol: AXISBANK BSE Scrip Code : 532215

This is for your information and records.

Cc: London Stock Exchange

o Q2FY24 PAT at `5,864 crores with consolidated ROE of 18.67%

Operating Profit and Net Profit

Net Interest Income and Net Interest Margin

Provisions and contingencies

H1FY24 Financial Performance:

Balance Sheet: As on 30th September 2023

Payments and Digital

Wealth Management Business – Burgundy

Capital Adequacy and Shareholders’ Funds

Key Subsidiaries’ Performance

• Axis Capital: Axis Capital completed 48 investment banking transactions in H1FY24.

Financial Performance Q2FY24 Q2FY23 % Growth

Other Income 5,034 3,855 31%

Operating Revenue 17,349 14,216 22%

Net Profit 5,864 5,330 10%

(i) CASA Deposits 4,23,866 3,74,846 13%

(ii) Term Deposits 5,31,690 4,36,169 22%

CASA Deposits on a Quarterly Daily Average Basis

Net Advances (a) +(b) + (c) 8,97,347 7,31,083 23%

Investments 2,95,691 2,87,621 3%

Balance Sheet Size 13,38,914 11,85,481 13%

Gross NPA as % of Gross Customer Assets 1.73% 2.50%

Equity Capital 616 614 0.31%

Capital Adequacy Ratio (Basel III) 16.56% 16.52%

Capital Adequacy Ratio (Basel III) (incl. profit) 17.84% 17.72%

NSE: AXISBANK BSE: 532215 LSE (GDR): AXB

3rd 46 mn+ 99,350+ 5,152

5.3% 4.8% 6.0% 14.1%

Profitability 4.11% 2.41% 2.60%

Balance Sheet 17.84% | 14.56% `118 Bn | 1.32% 79% | 0.36%

26% 8% 2nd 36%

Capital and Liquidity Position

Business Segment Performance

Other Important Information

Quarterly Results Q2FY24

Net Interest Income 12,315 11,959 24,273 3% 19% 23%

Operating Expenses 8,717 8,232 16,948 6% 34% 31% 44%

Profit after Tax 5,864 5,797 11,661 1% 10% 23%

Q2FY24 YOY Growth

Total Assets 13,38,914 13% 13% YOY

Standalone ROA (Annualised

18.67 / 19.04 18.90 / 17.25

Trend in Consolidated ROA and ROE

Consolidated ROA 0.2%

FY20 FY21 FY22 FY23 H1FY24

Quarterly Results Q2FY24

Capital and Liquidity Position

Business Segment Performance

Other Important Information

Quarterly Results Q2FY24

All figures in ₹ Billion

Deposit mix (QAB)^ Segment loan mix

1,180 1,115 11% 6%

3.80% 3.94% 4.31% 4.62% 4.79% 94% 95% 96% 97%