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Axis Bank Ltd

BSE Code : 532215 | NSE Symbol : AXISBANK | ISIN:INE238A01034| SECTOR : Banks |

NSE BSE
 
SMC up arrow

926.10

6.40 (0.70%) Volume 11616991

02-Jun-2023 EOD

Prev. Close

919.70

Open Price

922.65

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

926.10(268)

 

Today’s High/Low 930.50 - 920.25

52 wk High/Low 970.00 - 618.25

Key Stats

MARKET CAP (RS CR) 285099.8
P/E 13
BOOK VALUE (RS) 405.9775117
DIV (%) 50
MARKET LOT 1
EPS (TTM) 71.24
PRICE/BOOK 2.28091451697028
DIV YIELD.(%) 0.11
FACE VALUE (RS) 2
DELIVERABLES (%) 36.9
4

News & Announcements

02-Jun-2023

Axis Bank Ltd - Axis Bank Limited - Analysts/Institutional Investor Meet/Con. Call Updates

02-Jun-2023

Axis Bank Ltd - Axis Bank Limited - Analysts/Institutional Investor Meet/Con. Call Updates

31-May-2023

Axis Bank Ltd - Axis Bank Limited - Change in Director

30-May-2023

Axis Bank Ltd spurts 0.33%, rises for fifth straight session

23-May-2023

Axis Bank allots 1.72 lakh equity shares under ESOP

16-May-2023

Axis Bank allots 2.95 lakh equity shares under ESOP

28-Apr-2023

Board of Axis Bank recommends Final Dividend

27-Apr-2023

Board of Axis Bank approves raising debt up to Rs 35000 cr

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
AU Small Finance Bank Ltd 540611 AUBANK
Bandhan Bank Ltd 541153 BANDHANBNK
Bank of Madura Ltd (Merged) 531966 BANKMADURA
Bank of Punjab Ltd(merged) 500070 BANKPUNJAB
Bank of Rajasthan Ltd(merged) 500019 BANKRAJAS
Centurion Bank of Punjab Ltd(merged) 532273 CENTBOP
City Union Bank Ltd 532210 CUB
CSB Bank Ltd 542867 CSBBANK
DCB Bank Ltd 532772 DCBBANK
Dhanlaxmi Bank Ltd 532180 DHANBANK
Equitas Small Finance Bank Ltd 543243 EQUITASBNK
Federal Bank Ltd 500469 FEDERALBNK
Fino Payments Bank Ltd 543386 FINOPB
Global Trust Bank Ltd (Merged) 500161 GLOBLTRUST
HDFC Bank Ltd 500180 HDFCBANK
ICICI Bank Ltd 532174 ICICIBANK
IDBI Bank Ltd(merged) 532235 IDBIBANK
IDBI Bank Ltd 500116 IDBI
IDFC First Bank Ltd 539437 IDFCFIRSTB
IndusInd Bank Ltd 532187 INDUSINDBK
ING Vysya Bank Ltd(Merged) 531807 INGVYSYABK
Jammu and Kashmir Bank Ltd 532209 J&KBANK
Karnataka Bank Ltd 532652 KTKBANK
Karur Vysya Bank Ltd 590003 KARURVYSYA
Kotak Mahindra Bank Ltd 500247 KOTAKBANK
Lakshmi Vilas Bank Ltd(Merged) 534690 LAKSHVILAS
Nedungadi Bank Ltd (Merged) 511264 NEDUNGBANK
RBL Bank Ltd 540065 RBLBANK
South Indian Bank Ltd 532218 SOUTHBANK
Standard Chartered PLC 580001 STAN
Suryoday Small Finance Bank Ltd 543279 SURYODAY
Tamilnad Mercantile Bank Ltd 543596 TMB
Times Bank Ltd (merged) 532252 TIMESBANK
Ujjivan Small Finance Bank Ltd 542904 UJJIVANSFB
United Western Bank Ltd(merged) 500430 UNIWESTBNK
Yes Bank Ltd 532648 YESBANK

Share Holding

Category No. of shares Percentage
Total Foreign 1572445877 51.11
Total Institutions 960888052 31.23
Total Govt Holding 370 0.00
Total Non Promoter Corporate Holding 41167066 1.34
Total Promoters 244860645 7.96
Total Public & others 257490002 8.37
Total 3076852012 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Axis Bank Ltd

Axis Bank Limited is the third largest private sector bank in India. The Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporate, MSMEs, Agriculture and retail businesses. It provides a complete suite of banking and financial services including retail banking, wholesale banking and treasury operations. The Bank operates in four segments, namely treasury, retail banking, corporate/ wholesale banking and other banking business. The treasury operations include investments in sovereign and corporate debt, equity and mutual funds, trading operations, derivative trading and foreign exchange operations on the account, and for customers and central funding. Retail banking includes lending to individuals/small businesses subject to the orientation, product and granularity criterion. It also includes liability products, card services, Internet banking, automated teller machines (ATM) services, depository, financial advisory services, and non resident Indian (NRI) services. The corporate/wholesale banking segment includes corporate relationships not included under retail banking, corporate advisory services, placements and syndication, management of publics issue, project appraisals, capital market related services, and cash management services. The Bank had a network of 4586 branches at the end of December 2020 across the country. With 4528 domestic branches (including extension counters) and 12044 ATMs and 5433 cash recyclers across the country as on 31 March 2020, the network of Axis Bank spreads across 2,033 cities and towns, enabling the bank to reach out to a large cross-section of customers with an array of products and services. The bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank has five wholly-owned subsidiaries namely Axis Securities and Sales Ltd, Axis Private Equity Ltd, Axis Trustee Services Ltd, Axis Asset Management Company Ltd and Axis Mutual Fund Trustee Ltd. Axis Bank was incorporated in the year 1993 with the name UTI Bank Ltd. Axis Bank is one of the first new generation private sector banks to have begun operations in 1994. The bank was promoted in 1993, jointly by Specified Undertaking of Unit Trust of India (SUUTI) (then known as Unit Trust of India), Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The share holding of Unit Trust of India was subsequently transferred to SUUTI, an entity established in 2003. In the year 2001, the bank along with Global Trust Bank (GTB) had a merger proposal to create the largest private sector bank, but due to media's issues both the banks withdraw the merger proposal. In the year 2003, the Bank was given the authorized to handle Government transactions such as collection of Government taxes, to handle the expenditure related payments of Central Government Ministries and Departments and pension payments on behalf of Civil and Non-civil Ministries such as defence, posts, telecom and railways. In December 20003, the Bank launched their merchant acquiring business. In the year 2005, the Bank raised $239.3 million through Global Depositary Receipts. They won the award 'Outstanding Achievement Award' for the year 2005 from Indian Banks Association for IT Infrastructure, delivery capabilities and innovative solutions. In December 2005, the Bank set up Axis Securities and Sales Ltd (originally incorporated as UBL Sales Ltd) to market credit cards and retail asset products. In October 2006, they set up Axis Private Equity Ltd, primarily to carry on the activities of managing equity investments and provide venture capital support to businesses. In the year of 2007, the bank again raised $218.67 million through Global Depository Receipts. They opened 153 new branches during the year, which includes 43 extension counters that have been upgraded to branches and 8 Service branches/ CPCs. They also opened new overseas offices at Singapore, Dubai and Hong Kong and a representative office in Shanghai. During the year 2007-08, the Bank opened 143 new branches, taking the number of branches to 651 which included 33 extension counters that have been upgraded to branches. Also, they expanded overseas with the opening of a branch at the Dubai International Finance Centre. The Bank changed their name from UTI Bank Ltd to Axis Bank Ltd with effect from July 30, 2007 to avoid confusion with other unrelated entities with similar name. During the year 2008-09, the Bank opened 176 new branches that include 12 extension counters that have been upgraded to branches taking the total number of branches and ECs to 835. During the year, they opened 831 ATMs, thereby taking the ATM network of the Bank from 2,764 to 3,595. Also, they opened a Representative Office in Dubai. In May 2008, the Bank established Axis Trustee Services Company Ltd as a wholly owned subsidiary company, which is engaged in trusteeship activities. In December 2008, they launched their new investment advisory service exclusively for High Net Worth clients. In January 2009, the Bank set up Axis Asset Management Company Ltd to carry on the activities of managing a mutual fund business. Also, they incorporated Axis Mutual Fund Trustee Ltd to act as the trustee for the mutual fund business. During the year 2009-10, the Bank opened 200 branches taking the total number of branches Extension Counters (ECs) to 1,035. In March 209, 2010, they opened their 1000 branch at Bandra West, Mumbai. In September 2009, Axis Bank launched the private banking business in the domestic market, christened 'Privee' to cater to highly affluent individuals and families offering them unique investment opportunities During the year, the Capital Markets SBU was restructured with the debt capital market business (hitherto a part of the capital markets) carved into a separate vertical. As a result, the Bank's Capital Markets SBU comprises equity capital markets (ECM) business, mergers and acquisitions and private equity syndication. In February 24, 2010, the Bank launched the 'AXIS CALL & PAY on atom', a unique mobile payments solution using Axis Bank debit cards. Axis Bank is the first bank in the country to provide a secure debit card-based payment service over IVR. During the year 2010-11, 407 new branches were added to the Bank's network taking the total number of branches and extension counters (ECs) to 1,390. Of these, 564 branches/ ECs are in semi-urban and rural areas and 826 branches/ECs are in metropolitan and urban areas. The Bank is present in all states and Union Territories (except Lakshadweep) covering 921 centres. The ATM network of the Bank increased from 4,293 to 6,270. During the year, the Bank also opened a Representative Office in Abu Dhabi. This was in addition to the existing branches at Singapore, Hong Kong and DIFC (Dubai International Financial Centre) and representative offices at Shanghai and Dubai. In March 7, 2011, the Bank incorporated a new subsidiary namely Axis U.K. Ltd. as a private limited company registered in the United Kingdom (UK) with the main purpose of filing an application with Financial Services Authority (FSA), UK for a banking license in the UK and for the creation of necessary infrastructure for the subsidiary to commence banking business in the UK. On 8 January 2014, Axis Bank announced the opening of its Shanghai Branch, thus becoming the first Indian private sector bank to set up a branch in China. On 4 December 2014, Axis Bank announced that it had closed its Senior Unsecured Redeemable Non-Convertible Debenture issue of amount Rs 5705 crore and priced at 8.85% p.a. payable annually maturing on 5 December 2024. On 9 December 2014, Axis Bank announced the launch of limited period offer of 20 year fixed rate home loan for affordable housing at 10.40%. On 27 July 2015, Axis Bank announced that it had signed a $200 million 7 year bilateral loan deal with the Asian Development Bank (ADB) for extending affordable agriculture credit to farmers in India. On 22 November 2015, Axis Bank announced the opening of its Representative Office in Dhaka, Bangladesh in a bid to strengthen its international presence. On 9 March 2016, Axis Bank announced the launch of the world's first Forex prepaid card issued in conjunction with Diners Club International, a business unit of Discover Financial Services. On 30 March 2017, Axis Bank announced a strategic partnership with Wells Fargo & Company to offer seamless remittance facility to their NRI customers from The United States of America (USA). On 17 June 2017, Axis Bank in association with Kochi Metro Rail Corporation (KMRL) launched India's first single-wallet contactless, open loop metro card to allow cashless commuting for commuters in Kochi. On 5 July 2017, Axis Bank announced its foray into the luxury bikes loans segment for 500cc & above bikes. On 11 July 2017, Axis Bank announced its collaboration with Inter-American Investment Corporation (IIC) to facilitate trade with Latin America and the Caribbean. Axis Bank on 27 July 2017 announced that it has entered into an agreement with Jasper Infotech Private Limited to acquire 100% stake in its subsidiaries viz. FreeCharge Payment Technologies Private Limited and Accelyst Solutions Private Limited, which together constitute the digital payments business under the 'FreeCharge' brand. The deal marked the first such acquisition of a digital payments company by a bank in India. The bank had a network of 3703 branches and 13814 ATMs & cash deposit machines as at 31 March 2018 across the country.The bank has raised Rs 8680 crore of capital from a consortium of investors (Bain Capital,Life Insurance Corporation of India and other marquee investors). As on 31 March 2019, Bank had a network of 4050 branches,11801 ATMs and 4917 cash deposit machines across the country. During the year 2019-20, the Bank raised additional equity capital through issue and allotment of 19,87,28,139 equity shares of Rs. 2/- each of the Bank, pursuant to a Qualified Institutional Placement Issue. As on 31 March, 2020, Bank had a network of over 4,500 branches and over 17,477 ATMs & cash deposit machines. It opened 478 branches to its network during fiscal 2020. As on 31 March, 2021, Bank had a network of 4,594 branches and over 11,300 ATMs & cash deposit machines. It added 66 branches to its network during fiscal 2021. During the year 2020-21, the Bank raised additional equity capital through issue and allotment of 23,80,38,560 equity shares of Rs. 2/- each of the Bank on 11 August, 2020, pursuant to a Qualified Institutional Placement Issue. As on 31 March, 2021, the Bank has the following 9 unlisted subsidiary companies and 1 step down subsidiary. On 27 March, 2018, the Board of Directors of ASPL and FCPTL had approved a Scheme for Amalgamation of ASPL into and with FCPTL. ASPL and FCPTL filed final petition for approval of said merger before the National Company Law Tribunal (NCLT). The appointed date for amalgamation is 7 October, 2017 and the effect of said merger was to be given on this date or any other date as may be prescribed by NCLT. Subsequent to final hearing in matter conducted during the year, FCPTL received copy of the Order approved by NCLT, Delhi and the same was filed with the Ministry of Company Affairs, in November 2019. However, in the case of ASPL, NCLT, Mumbai amended the appointed date of amalgamation from 7 October, 2017 to 1 April, 2018. The NCLT, Delhi had already approved scheme of said Merger on October 22, 2019, which will be effective from the date of filing of certified copy of the Order of NCLAT with Registrar of Companies. During year 2020-21, Axis Private Equity Limited was merged with Axis Finance Limited. The Scheme of Merger with Axis Finance Limited got approved by NCLT, Mumbai on 23 July, 2020 and approval of the Ministry of Corporate Affairs (MCA) was received on 2 September, 2020. The Bank sold 100% stake in its subsidiary, Axis Bank UK Limited to OpenPayd Holdings Limited, United Kingdom by signing a Share Purchase Agreement on 31 March, 2021. As on 31 March, 2022, the Bank has 9 unlisted subsidiary companies, 1 step down subsidiary and 1 associate company. As on 31 March, 2022, Bank had a network of 4,758 branches and 10,990 ATMs & cash deposit machines. During the year 2022, Bank added 164 branches to its network. As on 31 March, 2022, the Bank has overseas branches at Singapore, DIFC - Dubai and an Offshore Banking Unit at the International Financial Service Centre (IFSC), Gujarat International Finance Tec-City (GIFT City), Gandhinagar, India. During fiscal 2022, five promoters of the Bank viz. The United India Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited, General Insurance Corporation of India and The Oriental Insurance Company Limited had been reclassified from 'Promoter' Category to 'Public' Category in terms of Regulation 31A SEBI Listing Regulations. Accordingly, as on date, the Bank has two promoters i.e. Administrator of the Specified Undertaking of Unit Trust of India and Life Insurance Corporation of India. The Board at its meeting held on 30 March, 2022, purchased Citibank's India Consumer Business from Citibank N.A. (acting through its branch in India) (CBNA) and the NBFC Consumer Business from Citicorp Finance (India) Limited (CFIL), as going concerns, without values being assigned to individual assets and liabilities of either of the business, subject to fulfillment of specific conditions and obtaining requisite approvals. The Bank has executed Business Transfer Agreements (BTAs) with CBNA and CFIL on 30 March, 2022, for which the purchase comprises of credit cards, unsecured and secured lending portfolios, wealth management, private banking and retail deposit businesses in India.

Axis Bank Ltd Chairman Speech

"Staying true to our ethos of customer centricity, our 78,000+ team members collectively and individually went above and beyond their call of duty to serve our customers, our communities and most importantly our nation and the economy during one of the most challenging phases of our lifetime

Amitabh Chaudhry

Dear Shareholders,

Fiscal 2020-21 was truly an extraordinary year in history. The unprecedented health crisis that still continues to unfold across the country, brought the best out of us as we made steady progress towards our medium-term GPS objectives while delivering on our 'Dil Se Open' promise to our stakeholders.

Through the year, our support to customers and communities in helping them emerge from the COVID pandemic remained unwavering. I am proud of the commendable efforts and character displayed by all the team members of Axis family. I would also like to thank all the COVID Warriors for the tremendous job that they have been doing, especially the healthcare professionals, who are constantly fighting all odds to save thousands of lives.

As the economy continues to combat the second wave of unprecedented COVID-19 pandemic, we as a Bank reiterate our commitment of being 'Open' to our customers' needs, concerns, challenges and aspirations. My heart goes out to all who have been directly impacted by the pandemic. However, the fast pace of vaccination and slowdown in new infections in several states do provide hope. I am confident that we can and will come out of this together.

Despite the challenges that came our way in 2020, our proactive approach towards strengthening the organisational core and technological capabilities, along with focused execution helped us overcome the odds. Significant investments in digital banking, adopting a cloud-first technology and analytics-driven decision-making definitely helped us deliver strong operational performance. Every passing quarter we improved, led by our focus on building granularity across business segments and ‘One Axis' philosophy to drive sustainable and profitable growth. At the same time, we continue to remain prudent and conservative in fortifying our balance sheet and enhancing our capital levels in an uncertain environment, we all are hoping is short lived.

During the fiscal, we witnessed consistent and strong sequential growth in deposits, advances and fees. Our focus towards building a quality liability franchise saw sustained momentum with 18% growth in average granular retail deposits consisting of CASA and RTD deposits. Our advances grew 9% y-o-y led by quality growth across our Retail, Commercial Banking (CBG) and Corporate banking segments.

The operating profitability continued to remain steady with 16% growth in net interest income and 10% growth in operating profits, despite our prudent stance on accounting policies. Our focus on granularity in fees continued to play out well with the share of granular retail and transaction banking, including forex-related fees increasing to 83%. We also continued to deliver on our profitability vector of improvement in efficiencies across our businesses, with reduction in cost to average assets to 1.96% from 2.09% in previous fiscal.

We remained proactive and prudent in our approach towards provisioning and policies and had been very selective towards restructuring and ECLGS.

Over the year, we took several actions across accounting and provisioning policy changes to ensure that our balance sheet remains resilient across cycles. We increased our provision coverage ratio from 69% to 72% while also building significant additional non-NPA provisioning buffers of over '12,000 crores, which translates to standard asset coverage ratio of 1.95%. Further, our rule-based provisioning norms have ensured that NPAs are provided early and adequately. The Bank's net NPA declined from 1.56% to 1.05% and the fund-based BB and below book remained flat in percentage terms as compared to the last fiscal.

During fiscal 2020-21, the Bank successfully raised '10,000 crores of capital. This strengthened the Bank's capital ratios further, with total adequacy of 19.12% and CET1 ratio of 15.40%. The Bank's strong balance sheet and healthy capital position ensures that we enter this cycle from a position of strength.

As an organisation we have been constantly evolving, challenging ourselves to raise the bar on innovation and strengthening our core, to transform into a more agile and future-ready organisation. We have been working towards our goal to deliver distinctive and world-class customer experience through an optimal mix of human touch and technology.

During the year, we continued to strengthen the core pillars of our franchise - people, products and technology for driving executional excellence. We made some important organisational structure changes in wholesale and retail segments to streamline and simplify our functioning and bring in greater accountability, productivity and efficiencies.

We also bolstered our leadership team significantly with our existing leaders taking on larger and newer responsibilities, while we brought in new talent who had the breadth and the experience to match our aspirations.

The pandemic also accelerated the technology investments and execution of transformation projects.

We significantly ramped up the opex and capex spends in technology towards modernising the core systems, scaling up the Cloud portfolio for supporting the real-time business models and building resilience across our operations. We adopted a cloud-first approach for our digital banking platform with over 50 initiatives on cloud, which is one of the highest in this area within the Indian financial service sector.

During the year, we started a multi-year technology transformation programme that will accelerate our journey towards our goal of being a sustainable future-ready Bank. We have made significant investment in the ‘Business Solutions Group' to drive innovative technology solutions and build greater collaboration between business and technology. We have adopted agile methodology with multiple cross-functional squads working on over 220 high-priority, organisation-wide transformation projects.

The execution of these projects have largely remained on track with 50% of them fully completed with promising outcomes in the form of reduction in turnaround times, improved productivity and better customer experience. The implementation of tech-driven transformation project

‘Sankalp' in our CBG segment, for example, has helped in reducing the loan approval time by nearly 75% while pushing the productivity of RMs up by 2 to 3 times.

Our investments towards strengthening our operational and technological infrastructure well before the outbreak of pandemic in India ensured that all our critical operations were executed on time. Almost all of our branches and ATMs too remained functional following all the health safety and regulatory guidelines.

We implemented one of the largest Work-From-Home programmes in the industry with over 20,000 concurrent users who were able to work remotely with access to all the Bank systems. Further almost all of our team members co-ordinated seamlessly amongst themselves and external stakeholders using the collaborative tools. We also enabled over 60,000 frontline team members on Bring Your Own Device (BYOD) environment, thereby helping them to maintain connect and serve customers during the pandemic.

We also strengthened our digital collection infrastructure that helped in higher demand resolution during the year.

The Bank has over the last decade built a strong Retail franchise with powerful distribution network, wide deposit customer base and robust data analytics capabilities that have enabled us to grow our business in challenging time period.

On the deposits side, our focus on deepening existing liability relationships and acquiring the quality customers as part of premiumisation strategy continued to progress well. During the year, we acquired over 6.7 million new liability relationships including over 2.8 million new savings account relationships that had higher average balances across retail savings and premium segment accounts.

Our emphasis on acquiring top corporate relationships in salary segment resulted in 25% y-o-y growth in our salary deposits book.

During the year, our domestic retail advances book grew 11% as we continued with our focus on growing the secured retail lending products segment like home loans, LAP, SBB that grew by 12%, 20% and 30% y-o-y respectively. Our disbursements across the secured segments continued to improve sequentially through the year and touched new highs aided by improvement in operational processes and focused execution.

Over the last two years, we have initiated several large process transformation and technology initiatives across our branches and other distribution channels to bring in effectiveness and efficiencies while delivering distinctive and seamless omnichannel experience to our customers. During the year, we sourced over 70% of retail assets from existing Bank customers; with ~56% contribution from our branches.

We have also increasingly been leveraging our alternate Axis Virtual Centre (AVC) channel that has over 1,500 virtual relationship managers across six centres to deepen relationships and scale up growth. This channel continues to play an important role in reaching out to customers with over 3 million customer contacts every month.

Our Deep Geo initiative continued to scale well as we expanded coverage to 1,577 branches and enrolled over 13,600 Common Service Centres (CSCs) to deepen presence in rural and semi urban markets. The deposits from our Deep Geo branches grew 19% y-o-y while the disbursements grew 59%.

As a result of our weekly region specific and focused product drives, strategic partnerships with agri-corporates and digital enablement of processes, our overall rural loan book grew 17% y-o-y.

We continued to maintain our strong positioning across the cards and payments businesses as we focused on growing this segment profitably in a manner that meets our risk and return hurdles. We have built strong partnerships with large players in retail payments space, that now form the core of our Known to Bank (KTB) strategy through which we intend to scale up our business further. During the year, we sourced nearly 2 lakh credit cards through our partnerships with Flipkart and Google Pay. In the UPI space, we further strengthened our position in fiscal 2020-21 with a market share of 17% as Payer PSP. The Bank now has partnerships with all the major third- party UPI apps in the ecosystem with more than 186 million customer VPAs registered as on 31 March, 2021. Our Mobile Banking platform continues to be recognised as one of the highest rated financial apps in the country.

Our wealth management business ‘Burgundy' continued to grow strongly with its AUM growing 45% y-o-y to cross '2 trillion mark. Our vintage team of relationship managers, wealth specialists and advisors, along with our strong product portfolio offerings helped to scale up our ‘Burgundy Private' proposition to cover over 1,660 families with assets of nearly '50,000 crores in just 15 months since its launch.

Our third-party products distribution business in Retail that we had created in fiscal 2019-20 to have a dedicated focus delivered strong 30% y-o-y fee income growth on back of contextual product launches and enablement of digital processes. In our retail forex business where we are one of the largest players, we launched outward remittance on mobile app and fully digital forex card issuance platform to further enhance the customer proposition.

We have made strong progress in our Digital Banking initiative that we had started in fiscal 2019-20 with the objective of not only reimagining end-to-end customer facing propositions, but also to scale up growth and productivity. We have 800-plus people fully dedicated to digital transformation of the Bank including a strong in-house full stack technology team of 110 people in roles across design, front-end and back-end development, DevOps, Quality Assurance etc.

We have adopted OPEN approach towards reimagining customer journeys which involves rebuilding entire journey with ‘zero' operations orientation using ‘proprietary' in-house capabilities and delivering solutions that are ‘Ecosystems' capable and metrics oriented. During the year, we launched bouquet of digital products across deposits, loans, cards and investments, many of them being industry first like our cloud-native loan management system built in-house and the full end-to-end digital forex card proposition. These products have started making contribution to the Bank' sourcing with close to 1.35 lakh digital SA accounts opened leveraging the video KYC while 71% of fixed deposits and over 40% of Mutual Funds were sourced digitally in fiscal 2020-21. The Bank's initiatives on the digital front have been widely recognised and the Bank was awarded the 'Best Digital Bank' by Asiamoney and Financial Express during the year.

The Bank has been a pioneer in data analytics in Indian banking industry and has built a dedicated team of over 400 members consisting of data scientists, data engineers and business analysts with techno functional skillsets. We have been leveraging our strong data analytics capabilities across the business functions for not only improving cross-sell, customer experience, risk management and collections but also in fraud detection, operational optimisation and budgeting. Big Data Lake is now an integral part of our data analytics landscape and we have made significant progress towards further enhancing our Big Data Tech Stack with ability to analyse and serve on Cloud. During the fiscal, we also sourced 72% of credit cards and 57% of personal loans digitally backed by our big data led analytics and proprietary machine learning models.

In the corporate segment, our focus has been to build granularity and grow the book profitably, emphasising on segments that offer high growth opportunities and better RAROC. During the year, our focused segments like Mid-Corporate and MNC delivered 31% and 49% y-o-y growth. Our CBG which is one of the most profitable segments in Wholesale Bank delivered strong performance with 13% y-o-y growth in advances.

We continued our focus on deepening relationships with better rated corporates with an aim of not just lending balance sheet to these clients but also growing our wallet share of non-credit business like trade, forex and cash management. We have made significant progress towards becoming the transaction bank of choice for corporates with the share of non-credit granular fees in overall corporate and commercial banking fee mix increasing to 57% in fiscal 2020-21 from 52% in fiscal 2019-20.

A key area of distinctiveness is our ability to deliver 'One Axis' to our customer. We are currently one of a kind full-service Wholesale Bank that currently offers varied solutions across all financial services. From, traditional banking products, debt capital markets, investment banking to NBFC and Retail banking products like Burgundy wealth management, salary and trust services, forex and commercial credit cards.

During the year, our various business segments within Retail and Wholesale Bank collaborated with our subsidiaries to provide solutions to our clients, thereby deepening the customer relationships further. We have over the last two years strengthened our capabilities across our subsidiaries by strengthening the senior management teams, developing innovative product offerings backed by improvement in processes and widening our distribution reach through physical and digital channels.

The rigour and rhythm and concerted efforts made by teams collectively as One Axis have started reflecting in the superlative financial performance of our domestic subsidiaries that together delivered total profits of '833 crores, up 75% y-o-y. Axis AMC continued to grow faster than the industry to deliver 2x growth in profits while our retail brokerage subsidiary delivered 10x growth in profits. Axis Capital continued to maintain its dominance in equity capital markets with 52 deals. Axis Finance too delivered profitable growth with ROE of 14.60% and healthy capital adequacy ratio of over 20%. Even as our investments in operating subsidiaries over last two years have remained flat at '1,815 crores, these operating subsidiaries delivered 17% CAGR growth in net worth.

However, our focus still continues to be on further scaling up the subsidiaries so that they gain higher market share in their respective businesses. During the year, Axis Securities acquired the customer trading accounts of Karvy Stock Broking to become the third largest player with total customer base of 3.6 million. We have always believed in increasing participation in the fast-growing life insurance space and recently completed the stake acquisition in Max Life Insurance to become a co-promoter in India's fourth largest insurance company.

GPS Progress

Through these unprecedented times, we have remain committed towards our ambition of delivering on our medium-term strategic goals under the vectors of Growth, Profitability, Sustainability. During the year, we continued to invest in several initiatives and strategic projects in line with our GPS strategy.

Growth

- Led by our focus on building granularity across businesses and strong focus on execution, we have delivered strong growth across our focused segments

- Our CASA deposits grew 20% with the share of CASA deposits increasing 372 bps to 45% in overall deposits. Retail SA grew 19% while the CA growth stood at 26%

- Our Corporate loan book including TLTRO grew 16% with significantly higher growth across our focused segments like Mid-Corporates and MNC

- Our CBG loan growth stood at 13% y-o-y

- Retail disbursements touched all-time highs during the fourth quarter

Profitability

- Net profit grew by 305% y-o-y

- Operating profits grew by 10% with NIMs improving to 3.53%

- Our cost to assets has moderated during the year to 1.96% from 2.09% and we continued to focus on building cost consciousness across the Bank

- We continued to build granularity in our fee income with segments like third-party products distribution and transaction banking growing by 30% and 9%, respectively

- Our domestic subsidiaries delivered 75% y-o-y growth in net profits

Sustainability

- In the last two years, we have taken concrete actions towards strengthening the core around policies, processes, controls, and operations

- We have progressively strengthened our risk management framework and our credit underwriting processes

- We have made significant progress on legacy issues with the proportion of BB and below book having steadily declined over the years

- We have been proactive and prudent, and have built significant additional provisioning buffers of over '12,000 crores with standard asset coverage ratio of 1.95%

As an organisation, we have always believed that our employees are our greatest asset and true brand ambassadors of our culture and core values. Our employees, especially our frontline team displayed unbridled enthusiasm, creativity, agility and ownership through this challenging year. I take great pride in the fact that we were one of the first banks to set in motion large-scale changes in our working model by introducing rostering across branches, work from home' across large offices and ensuring hygiene safety and security across the Bank. We also took the lead in introducing hybrid model of working and redefining conventional work and jobs beyond full time, on-site employment with the launch of GIG-A opportunities during the year. The new ways of working provided the much needed flexibility and added to our productivity.

At Axis, we continued to invest in employee learning and their growth across levels, businesses, functions and geographies. We also launched several certification and talent development programmes for our middle management team towards building their leadership capabilities so that they can shoulder the mantle of spearheading our GPS objectives to the next level of achievement and success.

The community continues to be a critical stakeholder for us. During the year, the Bank committed significant funds towards curbing the spread of COVID-19 pandemic. Axis Bank Foundation played its role by providing relief supplies and facilitating higher standards of hygiene and medical infrastructure in deep rural areas.

The Foundation also continued its initiatives towards positively affecting the rural livelihoods by scaling up financial inclusion and skill development programmes to over 0.9 million households as part of its mission to reach 2 million households by 2025.

During the year, we made a conscious and concerted effort to scale up our Environmental, Social and Governance (ESG)-aligned capabilities and performance by integrating ESG topics into agendas of pertinent Board Committees. The Bank has established an ESG Steering Committee comprising Heads of key departments who shall act as ESG champions within and outside the Bank and help drive key mandates across the Bank. I am happy to share that the Bank improved its ratings performance across key external ESG assessment platforms like S&P Dow Jones, MSCI and CDP during the year, even as it continued to feature in the prestigious FTSE4Good Emerging Index for the fourth consecutive year in 2020.

Even as we continue to witness the impact of second wave of COVID, I sincerely hope that the acceleration in vaccination drives and continued fiscal and monetary measures by government and the regulator would help the economy to recover from this pandemic by H2 of fiscal 2021-22. We are planning to use this disruption in business to further strengthen our core. We believe that our building blocks are firmly in place with granularity now built across businesses, improving operational performance, strong capital and balance sheet position to counter any unforeseen risks arising out of COVID wave 2. The medium- term growth drivers remain firmly in place on the back of several initiatives taken by the government to boost manufacturing and small industries, and recent shift in global manufacturing and supply chain dynamics towards India.

In such an environment, large banks with healthy operational performance, strong balance sheet and capital position, superior risk management and operational capabilities would continue to grow faster than the overall sector.

I reiterate my gratitude to all my colleagues for their relentless and selfless efforts in keeping the promise of ‘Dil Se Open' to our stakeholders despite all odds. I thank our external stakeholders for their continued willingness to partner with Axis Bank in its long-term growth journey.

We as One Axis will continue to challenge ourselves and strive towards building a distinctive Axis Bank.

Warm Regards,

Amitabh Chaudhry

MD & CEO

   

Axis Bank Ltd Company History

Axis Bank Limited is the third largest private sector bank in India. The Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporate, MSMEs, Agriculture and retail businesses. It provides a complete suite of banking and financial services including retail banking, wholesale banking and treasury operations. The Bank operates in four segments, namely treasury, retail banking, corporate/ wholesale banking and other banking business. The treasury operations include investments in sovereign and corporate debt, equity and mutual funds, trading operations, derivative trading and foreign exchange operations on the account, and for customers and central funding. Retail banking includes lending to individuals/small businesses subject to the orientation, product and granularity criterion. It also includes liability products, card services, Internet banking, automated teller machines (ATM) services, depository, financial advisory services, and non resident Indian (NRI) services. The corporate/wholesale banking segment includes corporate relationships not included under retail banking, corporate advisory services, placements and syndication, management of publics issue, project appraisals, capital market related services, and cash management services. The Bank had a network of 4586 branches at the end of December 2020 across the country. With 4528 domestic branches (including extension counters) and 12044 ATMs and 5433 cash recyclers across the country as on 31 March 2020, the network of Axis Bank spreads across 2,033 cities and towns, enabling the bank to reach out to a large cross-section of customers with an array of products and services. The bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank has five wholly-owned subsidiaries namely Axis Securities and Sales Ltd, Axis Private Equity Ltd, Axis Trustee Services Ltd, Axis Asset Management Company Ltd and Axis Mutual Fund Trustee Ltd. Axis Bank was incorporated in the year 1993 with the name UTI Bank Ltd. Axis Bank is one of the first new generation private sector banks to have begun operations in 1994. The bank was promoted in 1993, jointly by Specified Undertaking of Unit Trust of India (SUUTI) (then known as Unit Trust of India), Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The share holding of Unit Trust of India was subsequently transferred to SUUTI, an entity established in 2003. In the year 2001, the bank along with Global Trust Bank (GTB) had a merger proposal to create the largest private sector bank, but due to media's issues both the banks withdraw the merger proposal. In the year 2003, the Bank was given the authorized to handle Government transactions such as collection of Government taxes, to handle the expenditure related payments of Central Government Ministries and Departments and pension payments on behalf of Civil and Non-civil Ministries such as defence, posts, telecom and railways. In December 20003, the Bank launched their merchant acquiring business. In the year 2005, the Bank raised $239.3 million through Global Depositary Receipts. They won the award 'Outstanding Achievement Award' for the year 2005 from Indian Banks Association for IT Infrastructure, delivery capabilities and innovative solutions. In December 2005, the Bank set up Axis Securities and Sales Ltd (originally incorporated as UBL Sales Ltd) to market credit cards and retail asset products. In October 2006, they set up Axis Private Equity Ltd, primarily to carry on the activities of managing equity investments and provide venture capital support to businesses. In the year of 2007, the bank again raised $218.67 million through Global Depository Receipts. They opened 153 new branches during the year, which includes 43 extension counters that have been upgraded to branches and 8 Service branches/ CPCs. They also opened new overseas offices at Singapore, Dubai and Hong Kong and a representative office in Shanghai. During the year 2007-08, the Bank opened 143 new branches, taking the number of branches to 651 which included 33 extension counters that have been upgraded to branches. Also, they expanded overseas with the opening of a branch at the Dubai International Finance Centre. The Bank changed their name from UTI Bank Ltd to Axis Bank Ltd with effect from July 30, 2007 to avoid confusion with other unrelated entities with similar name. During the year 2008-09, the Bank opened 176 new branches that include 12 extension counters that have been upgraded to branches taking the total number of branches and ECs to 835. During the year, they opened 831 ATMs, thereby taking the ATM network of the Bank from 2,764 to 3,595. Also, they opened a Representative Office in Dubai. In May 2008, the Bank established Axis Trustee Services Company Ltd as a wholly owned subsidiary company, which is engaged in trusteeship activities. In December 2008, they launched their new investment advisory service exclusively for High Net Worth clients. In January 2009, the Bank set up Axis Asset Management Company Ltd to carry on the activities of managing a mutual fund business. Also, they incorporated Axis Mutual Fund Trustee Ltd to act as the trustee for the mutual fund business. During the year 2009-10, the Bank opened 200 branches taking the total number of branches Extension Counters (ECs) to 1,035. In March 209, 2010, they opened their 1000 branch at Bandra West, Mumbai. In September 2009, Axis Bank launched the private banking business in the domestic market, christened 'Privee' to cater to highly affluent individuals and families offering them unique investment opportunities During the year, the Capital Markets SBU was restructured with the debt capital market business (hitherto a part of the capital markets) carved into a separate vertical. As a result, the Bank's Capital Markets SBU comprises equity capital markets (ECM) business, mergers and acquisitions and private equity syndication. In February 24, 2010, the Bank launched the 'AXIS CALL & PAY on atom', a unique mobile payments solution using Axis Bank debit cards. Axis Bank is the first bank in the country to provide a secure debit card-based payment service over IVR. During the year 2010-11, 407 new branches were added to the Bank's network taking the total number of branches and extension counters (ECs) to 1,390. Of these, 564 branches/ ECs are in semi-urban and rural areas and 826 branches/ECs are in metropolitan and urban areas. The Bank is present in all states and Union Territories (except Lakshadweep) covering 921 centres. The ATM network of the Bank increased from 4,293 to 6,270. During the year, the Bank also opened a Representative Office in Abu Dhabi. This was in addition to the existing branches at Singapore, Hong Kong and DIFC (Dubai International Financial Centre) and representative offices at Shanghai and Dubai. In March 7, 2011, the Bank incorporated a new subsidiary namely Axis U.K. Ltd. as a private limited company registered in the United Kingdom (UK) with the main purpose of filing an application with Financial Services Authority (FSA), UK for a banking license in the UK and for the creation of necessary infrastructure for the subsidiary to commence banking business in the UK. On 8 January 2014, Axis Bank announced the opening of its Shanghai Branch, thus becoming the first Indian private sector bank to set up a branch in China. On 4 December 2014, Axis Bank announced that it had closed its Senior Unsecured Redeemable Non-Convertible Debenture issue of amount Rs 5705 crore and priced at 8.85% p.a. payable annually maturing on 5 December 2024. On 9 December 2014, Axis Bank announced the launch of limited period offer of 20 year fixed rate home loan for affordable housing at 10.40%. On 27 July 2015, Axis Bank announced that it had signed a $200 million 7 year bilateral loan deal with the Asian Development Bank (ADB) for extending affordable agriculture credit to farmers in India. On 22 November 2015, Axis Bank announced the opening of its Representative Office in Dhaka, Bangladesh in a bid to strengthen its international presence. On 9 March 2016, Axis Bank announced the launch of the world's first Forex prepaid card issued in conjunction with Diners Club International, a business unit of Discover Financial Services. On 30 March 2017, Axis Bank announced a strategic partnership with Wells Fargo & Company to offer seamless remittance facility to their NRI customers from The United States of America (USA). On 17 June 2017, Axis Bank in association with Kochi Metro Rail Corporation (KMRL) launched India's first single-wallet contactless, open loop metro card to allow cashless commuting for commuters in Kochi. On 5 July 2017, Axis Bank announced its foray into the luxury bikes loans segment for 500cc & above bikes. On 11 July 2017, Axis Bank announced its collaboration with Inter-American Investment Corporation (IIC) to facilitate trade with Latin America and the Caribbean. Axis Bank on 27 July 2017 announced that it has entered into an agreement with Jasper Infotech Private Limited to acquire 100% stake in its subsidiaries viz. FreeCharge Payment Technologies Private Limited and Accelyst Solutions Private Limited, which together constitute the digital payments business under the 'FreeCharge' brand. The deal marked the first such acquisition of a digital payments company by a bank in India. The bank had a network of 3703 branches and 13814 ATMs & cash deposit machines as at 31 March 2018 across the country.The bank has raised Rs 8680 crore of capital from a consortium of investors (Bain Capital,Life Insurance Corporation of India and other marquee investors). As on 31 March 2019, Bank had a network of 4050 branches,11801 ATMs and 4917 cash deposit machines across the country. During the year 2019-20, the Bank raised additional equity capital through issue and allotment of 19,87,28,139 equity shares of Rs. 2/- each of the Bank, pursuant to a Qualified Institutional Placement Issue. As on 31 March, 2020, Bank had a network of over 4,500 branches and over 17,477 ATMs & cash deposit machines. It opened 478 branches to its network during fiscal 2020. As on 31 March, 2021, Bank had a network of 4,594 branches and over 11,300 ATMs & cash deposit machines. It added 66 branches to its network during fiscal 2021. During the year 2020-21, the Bank raised additional equity capital through issue and allotment of 23,80,38,560 equity shares of Rs. 2/- each of the Bank on 11 August, 2020, pursuant to a Qualified Institutional Placement Issue. As on 31 March, 2021, the Bank has the following 9 unlisted subsidiary companies and 1 step down subsidiary. On 27 March, 2018, the Board of Directors of ASPL and FCPTL had approved a Scheme for Amalgamation of ASPL into and with FCPTL. ASPL and FCPTL filed final petition for approval of said merger before the National Company Law Tribunal (NCLT). The appointed date for amalgamation is 7 October, 2017 and the effect of said merger was to be given on this date or any other date as may be prescribed by NCLT. Subsequent to final hearing in matter conducted during the year, FCPTL received copy of the Order approved by NCLT, Delhi and the same was filed with the Ministry of Company Affairs, in November 2019. However, in the case of ASPL, NCLT, Mumbai amended the appointed date of amalgamation from 7 October, 2017 to 1 April, 2018. The NCLT, Delhi had already approved scheme of said Merger on October 22, 2019, which will be effective from the date of filing of certified copy of the Order of NCLAT with Registrar of Companies. During year 2020-21, Axis Private Equity Limited was merged with Axis Finance Limited. The Scheme of Merger with Axis Finance Limited got approved by NCLT, Mumbai on 23 July, 2020 and approval of the Ministry of Corporate Affairs (MCA) was received on 2 September, 2020. The Bank sold 100% stake in its subsidiary, Axis Bank UK Limited to OpenPayd Holdings Limited, United Kingdom by signing a Share Purchase Agreement on 31 March, 2021. As on 31 March, 2022, the Bank has 9 unlisted subsidiary companies, 1 step down subsidiary and 1 associate company. As on 31 March, 2022, Bank had a network of 4,758 branches and 10,990 ATMs & cash deposit machines. During the year 2022, Bank added 164 branches to its network. As on 31 March, 2022, the Bank has overseas branches at Singapore, DIFC - Dubai and an Offshore Banking Unit at the International Financial Service Centre (IFSC), Gujarat International Finance Tec-City (GIFT City), Gandhinagar, India. During fiscal 2022, five promoters of the Bank viz. The United India Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited, General Insurance Corporation of India and The Oriental Insurance Company Limited had been reclassified from 'Promoter' Category to 'Public' Category in terms of Regulation 31A SEBI Listing Regulations. Accordingly, as on date, the Bank has two promoters i.e. Administrator of the Specified Undertaking of Unit Trust of India and Life Insurance Corporation of India. The Board at its meeting held on 30 March, 2022, purchased Citibank's India Consumer Business from Citibank N.A. (acting through its branch in India) (CBNA) and the NBFC Consumer Business from Citicorp Finance (India) Limited (CFIL), as going concerns, without values being assigned to individual assets and liabilities of either of the business, subject to fulfillment of specific conditions and obtaining requisite approvals. The Bank has executed Business Transfer Agreements (BTAs) with CBNA and CFIL on 30 March, 2022, for which the purchase comprises of credit cards, unsecured and secured lending portfolios, wealth management, private banking and retail deposit businesses in India.

Axis Bank Ltd Directors Reports

Dear Members,

Your Board of Directors (the Board) are pleased to present the 28th Annual Report of Axis Bank Limited (the Bank) together with the audited financial statements for fiscal 2022.

Financial Performance and State of the Bank's Affairs

The financial highlights (Standalone) for the year under review, are presented below:

(Rs In crores)

Particulars 2021-22 2020-21 Growth
Balance sheet
Deposits 821,721 697,986 18%
Savings Bank Deposits 242,449 204,473 19%
Current Account Deposits 127,306 113,276 12%
Term Deposits 451,966 380,237 19%
Advances 707,696 614,399 15%
Retail Advances 399,891 331,304 21%
Non-retail Advances 307,805 283,095 9%
Total Assets / Liabilities 1,175,178 986,798 19%
Profit & Loss account
Net Interest Income 33,132 29,239 13%
Other Income 15,221 12,264 24%
Fee Income 13,001 10,686 22%
Trading Profit1 1,627 1,218 34%
Miscellaneous Income 593 360 65%
Operating Expenses 23,611 18,375 28%
Operating Profit 24,742 23,128 7%
Provision for Tax 4,357 2,217 96%
Other Provisions and Write offs 7,360 14,322 (49%)
Net Profit 13,025 6,589 98%
Balance in Profit and Loss account brought forward from previous year 29,985 26,190
Amount Available For Appropriation 43,010 32,779
Appropriations
Transfer to Statutory Reserve 3,256 1,647
Transfer to Capital Reserve 441 848
Transfer to Investment Reserve 149 -
Transfer to Special Reserve 609 -
Dividend paid - -
Transfer to Investment Fluctuation Reserve 455 326
Surplus carried over to Balance Sheet 38,100 29,958

1 Excluding Merchant Exchange Profit

Key Performance Indicators

Key Performance Indicators 2021-22 2020-21
Interest Income as a % of working funds1 6.26 6.78
Non-interest Income as a % of working funds1 1.41 1.58
Net Interest Margin (%) 3.47 3.53
Return on Average Net Worth (%) 12.91 7.55
Operating Profit as a % of working funds1 2.30 2.74
Return on Average Assets (%) 1.21 0.70
Profit per employee2 (Rs In lacs) 15.54 8.66
Business (Deposits less inter-bank deposits + Advances) per employee2 (Rs In crores) 17.92 17.13
Net non-performing assets as a % of net customer assets3 0.73 1.05

1 Working funds represent average total assets

2 Productivity ratios are based on average number of employees for the year

3 Customer assets include advances and credit substitutes Previous year figures have been re-grouped wherever necessary.

Acquisition of Citibank's India Consumer Business

The Board at its meeting held on 30 March, 2022, approved the purchase of Citibank's India Consumer Business from Citibank N.A. (acting through its branch in India) (CBNA) and the NBFC Consumer Business from Citicorp Finance (India) Limited (CFIL), as going concerns, without values being assigned to individual assets and liabilities of either of the business, subject to fulfilment of specific conditions and obtaining requisite approvals.

The Bank has executed Business Transfer Agreements (BTAs) with CBNA and CFIL on 30 March, 2022. The transaction will be given effect to in the books of the Bank on closing which is subject to receipt of regulatory and other applicable approvals and completion of customary and contractual conditions in accordance with the provisions of the BTAs.

The purchase comprises of credit cards, unsecured and secured lending portfolios, wealth management, private banking and retail deposit businesses in India. The employees of CBNA and CFIL consumer business will also be joining the Bank's workforce. The purchase is well aligned with the Bank's GPS strategy framework towards premiumization and granularization of customer base. The purchase will help to strengthen the Bank's retail banking franchise and accelerate its growth ambitions across various consumer banking segments.

Dividend

In accordance with Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), the Bank has formulated and adopted a Dividend Distribution Policy, which was reviewed by the Board and the same is available on the website of the Bank at https://www.axisbank.com/docs/default-source/quarterly-reports/ dividend-distribution-policy-of-the-bank.pdf.

In view of the overall performance of the Bank and while retaining capital to support future growth, the Board at its meeting held on 28 April, 2022, recommended final dividend of Rs 1/- per equity share of Rs 2/- each, subject to the approval of members at the ensuing 28th Annual General Meeting (AGM).

In terms of revised Accounting Standard (AS) 4 ‘Contingencies and Events occurring after the Balance sheet date' as notified by the Ministry of Corporate Affairs through amendments to the Companies (Accounting Standards) Amendment Rules, 2016, dated 30 March, 2016, such proposed dividend has not been recognised as a liability as on 31 March, 2022. Further, shares issued on exercise of ESOPs after 31 March, 2022 till record date will also be eligible for proposed dividend of fiscal 2022.

In terms of the Income Tax Act, 1961, the dividend income is taxable in the hands of members. Therefore, the dividend will be paid to the members after deduction of applicable tax, if any.

Record Date

The record date for payment of dividend is mentioned in the notice of the ensuing 28th AGM of the Bank.

Capital Structure Share Capital

During the year, the Bank issued and allotted 5,999,184 equity shares of Rs 2/- each of the Bank, pursuant to exercise of stock options by the Whole-Time Directors / Employees of the Bank and of its Subsidiary Companies, under the Employee Stock Option Scheme.

Consequent to the above, the total issued and paid-up equity share capital of the Bank increased by Rs 1.20 crores to Rs 613.95 crores as on 31 March, 2022, as compared to Rs 612.75 crores, as on 31 March, 2021. The equity shares issued under the Employee Stock Option Scheme ranks pari passu with the existing equity shares of the Bank.

Apart from the above, the Bank did not raise any additional equity share capital during the year.

Reclassification to "Public" category from "Promoter" category

During fiscal 2022, five promoters of the Bank viz. The United India Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited, General Insurance Corporation of India and The Oriental Insurance Company Limited had been reclassified from "Promoter" Category to "Public" Category in terms of Regulation 31A SEBI Listing Regulations.

Accordingly, as on date, the Bank has two promoters i.e. Administrator of the Specified Undertaking of the Unit Trust of India and Life Insurance Corporation of India.

Debt Instruments

During fiscal 2022, the Bank issued and allotted 26,000 Senior Unsecured Taxable Redeemable Non-Convertible Debentures (Series 6) of face value of Rs 10 lac each, aggregating to Rs 2,600 crore, on a private placement basis, to enhance long term resources for funding infrastructure projects and affordable housing. The Audit Committee of the Board (ACB) at its meeting held on 24 January, 2022, had reviewed and confirmed that the Bank had utilized the said funds for the above-mentioned purposes only.

The Bank also issued Sustainable Additional Tier 1 (AT1) notes amounting to US$ 600 million. These are listed on ISM, the SGX- ST, India INX and NSE IFSC at GIFT City. This was first such issuance from any Scheduled Commercial Bank in India.

Capital Adequacy Ratio

The Bank's overall Capital Adequacy Ratio (CAR) under Basel III stood at 18.54% at the end of fiscal 2022, well above the benchmark requirement of 11.50% stipulated by the Reserve Bank of India (RBI). Of this, the Common Equity Tier I (CET I) CAR was 15.24% (against minimum regulatory requirement of 8.00%) and Tier I CAR was 16.34% (against minimum regulatory requirement of 9.50%). As on 31 March, 2022, the Bank's Tier II CAR under Basel III stood at 2.20%.

Ratings of various Debt Instruments

The details of all credit ratings obtained by the Bank along with revisions thereto, if any, during fiscal 2022, for all the debt instruments outstanding as on 31 March, 2022, are provided in the Report on Corporate Governance, forming part of this annual report.

Deposits

Being a banking company, the disclosures relating to deposits as required under Rule 8(5)(v) & (vi) of the Companies (Accounts) Rules, 2014, read with Sections 73 and 74 of the Companies Act, 2013 (the Act), are not applicable to the Bank.

Change in the Nature of Business

During fiscal 2022, there has been no change in the nature of business of the Bank.

Material Changes and Commitments affecting the Financial Position of the Bank

There were no material changes or commitments affecting the financial position of the Bank, between the end of the financial year of the Bank to which the financial statements relate and up to the date of this report.

Subsidiaries, Joint Ventures and Associates

As on 31 March, 2022, the Bank has nine unlisted subsidiary companies, one step down subsidiary and one associate company:

1. Axis Asset Management Company Limited undertakes the activities of managing the mutual fund business.

2. Axis Mutual Fund Trustee Limited acts as the trustee for the mutual fund business.

3. Axis Capital Limited provides services relating to investment banking, equity capital markets, institutional stock broking, mergers and acquisition advisory etc.

4. Axis Finance Limited is an Non-Banking Finance Company and carries on the activities of corporate and structural lending, loan against property etc.

5. Axis Securities Limited is in the business of retail broking services.

6. A.Treds Limited is engaged in the business of facilitating financing of trade receivables.

7. Axis Trustee Services Limited is engaged in trusteeship activities, acting as debenture trustee and as trustee to various securitisation trusts.

8. Freecharge Payment Technologies Private Limited is in the business of providing merchant acquiring services, payment aggregation services, payment support services, and business correspondent to a Bank / Financial Institution, distribution of Mutual Funds.

9. Axis Bank UK Limited is the banking subsidiary of the Bank in the United Kingdom and undertakes the activities of banking. The Bank has entered into a Share Purchase Agreement on 31 March, 2021 for sale of 100% stake in its subsidiary, Axis Bank UK Limited to OpenPayd Holdings Ltd. This transaction is subject to approval by the UK Financial Regulator, the Prudential Regulation Authority (PRA).

10. Axis Capital USA, LLC, is a wholly owned subsidiary of Axis Capital Limited incorporated in USA and provides financial services relating to equity capital market, institutional stock broking to institutional investors in USA.

11. Max Life Insurance Company Limited, an associate of the Bank, is in the business of life insurance and long-term saving and protection products. Axis Bank Limited (9.99%) along with its subsidiaries viz. Axis Capital Limited (2%) and Axis Securities Limited (1%) collectively hold 12.99% in Max Life Insurance Company Limited.

As on 31 March, 2022, the Bank did not have any joint venture company.

The financial position and performance of each of the Subsidiary Companies of the Bank is given in the Management Discussion & Analysis Report, which forms part of this annual report.

Consolidated Financial Statements

In accordance with the provisions of Section 129(3) of the Act, read with Rule 8 of the Companies (Accounts) Rules, 2014, as amended, the Bank has prepared consolidated financial statements, which forms part of this annual report. The statement in Form AOC-1 containing the salient features of the financial statements of the Subsidiary Companies and Associate Company of the Bank, also forms part of this annual report.

In accordance with the third proviso to Section 136(1) of the Act, the Annual Report of the Bank, containing standalone financial statements and the consolidated financial statements and all other documents required to be attached thereto are available on the website of the Bank https://www.axisbank.com/shareholders-corner/shareholders-information/annual-reports.

Further, in accordance with the fourth proviso to the said section, the audited financial statements of each of the said Subsidiary Companies of the Bank are available on the website of the Bank https://www.axisbank.com/shareholders-corner/shareholders- information/annual-reports.

The said financial statements will be available for inspection by the members of the Bank and Trustees of Debenture holders at the Registered Office of the Bank during business hours on all working days except Saturdays, Sundays, Bank Holidays and National Holidays. Any member interested in obtaining a physical copy of the said financial statements can send an email to the Company Secretary of the Bank on shareholders@axisbank.com.

Particulars of Loans, Guarantees and Investments

Pursuant to Section 186(11) of the Act, the provisions of Section 186 of the Act, except sub-section (1), do not apply to a loan made, guarantee given or security provided by a banking company in the ordinary course of its business.

The particulars of investments made by the Bank are disclosed in Schedule 8 of the financial statements as per the applicable provisions of the Banking Regulation Act, 1949.

Corporate Governance

The Bank is committed to achieving and adhering to the highest standards of Corporate Governance and it constantly benchmarks itself with best practices, in this regard.

The Report on Corporate Governance for fiscal 2022 along with General Shareholder Information forms part of this annual report. M P Chitale & Co., Chartered Accountants (Firm Registration No. 101851W), Joint Statutory Auditor of the Bank have issued certificate confirming compliance with the mandatory requirements relating to Corporate Governance as stipulated under Chapter IV of the SEBI Listing Regulations, and the same is appearing before the Report on Corporate Governance.

The Corporate Governance framework of the Bank incorporates all the mandatory requirements as prescribed in the SEBI Listing Regulations. The Bank has also adopted the non-mandatory requirements as recommended in the SEBI Listing Regulations, as detailed in the Report on Corporate Governance.

Management's Discussion and Analysis Report

The Management's Discussion and Analysis Report as stipulated under Regulation 34(2)(e) of the SEBI Listing Regulations, forms part of this annual report.

Board of Directors

Appointment / Re-appointment of Directors

During the year, pursuant to the recommendation of the Nomination and Remuneration Committee of Directors (NRC), the Board appointed / re-appointed the following directors:

1. Amitabh Chaudhry was re-appointed as the Managing Director & CEO of the Bank on 28 April, 2021, for a further period of three years, with effect from 1 January, 2022 up to 31 December, 2024 (both days inclusive). The said re-appointment was approved by the members of the Bank at 27th AGM held on 30 July, 2021 and by RBI vide letter dated 14 October, 2021.

2. Prof. S. Mahendra Dev was appointed as an Independent Director of the Bank on 14 June, 2021, for a period of four years with effect from 14 June, 2021 up to 13 June, 2025 (both days inclusive). The said appointment was approved by the members of the Bank at 27th AGM held on 30 July, 2021. He is not liable to retire by rotation, in terms of Section 149(13) of the Act.

The Board formed an opinion that Prof. S. Mahendra Dev has the integrity, expertise and requisite experience, which is beneficial to the business interest of the Bank. Further, he is in compliance with passing of online proficiency self-assessment test, as prescribed under Rule 6(4) of the Companies (Appointment and Qualification of Directors) Rules, 2014.

3. Ashish Kotecha was appointed as an Non-Executive (Nominee of entities affiliated to Bain Capital) Director of the Bank on 14 December, 2021, to hold office with effect from 19 December, 2021 up to 18 December, 2024 or till the time entities affiliated to Bain Capital are directly holding in the aggregate at least two percent (2%) of the equity share capital of the Bank on a fully diluted basis, whichever is earlier. The said appointment was approved by the members of the Bank vide postal ballot on 6 March, 2022. He is liable to retire by rotation, in terms of Section 152 of the Act.

4. (a) Rajiv Anand, Executive Director (Wholesale Banking) was re-designated as the Deputy Managing Director of the Bank and the said re-designation was approved by RBI from the date of its letter i.e. 27 December, 2021 up to 3 August, 2022 i.e. remainder of his tenure as the Executive Director (Wholesale Banking) of the Bank. The said re-designation was approved by the members of the Bank vide postal ballot on 6 March, 2022.

(b) Rajiv Anand was re-appointed as the Deputy Managing Director of the Bank on 10 January, 2022, for a further period of three years, with effect from 4 August, 2022 up to 3 August, 2025 (both days inclusive). The said re-appointment was approved by the members of the Bank vide postal ballot on 6 March, 2022. The approval of RBI for the aforesaid re-appointment is awaited.

5. Rakesh Makhija was re-appointed as the Non-Executive (Part-time) Chairman of the Bank on 25 January, 2022, from 18 July, 2022 up to 26 October, 2023 (both days inclusive). The said re-appointment was approved by the members of the Bank vide postal ballot on 6 March, 2022. The approval of RBI for the aforesaid re-appointment is awaited.

6. Girish Paranjpe was re-appointed as an Independent Director of the Bank on 29 April, 2022, for a further period of four years, with effect from 2 November, 2022 up to 1 November, 2026 (both days inclusive). Based on performance evaluation and recommendation of the NRC, the Board recommends his re-appointment to the members of the Bank.

7. T. C. Suseel Kumar, Non-Executive (Nominee Director) of the Bank, whose office is liable to retire at the ensuing AGM, being eligible seeks re-appointment, in terms of the provisions of Section 152(6) of the Act. Based on performance evaluation and recommendation of the NRC, the Board recommend his re-appointment to the members of the Bank.

Resolutions in respect of re-appointments of Girish Paranjpe and T. C. Suseel Kumar have been included in the Notice convening the 28th AGM of the Bank.

Resignation / Retirement of Directors

1. Stephen Pagliuca ceased to be the Non-Executive Director (Nominee of entities affiliated to Bain Capital) of the Bank, with effect from the close of business hours on 18 December, 2021, upon expiry of his tenure pursuant to the Investment Agreement between the Bank and BC Asia Investments VII Limited, Integral Investments South Asia IV and BC Asia Investments III Limited (Investment Agreement). Consequently, the tenure of Ashish Kotecha as an Alternate Director to the Original Director, Stephen Pagliuca also expired with effect from said date.

2. The Board on 29 September, 2021, considering the aspirations of Rajesh Dahiya, Executive Director (Corporate Centre) of the Bank, accepted his decision seeking early retirement from the services of the Bank. Accordingly, Rajesh Dahiya ceased to be the Executive Director (Corporate Centre) and a Key Managerial Personnel of the Bank with effect from the close of business hours on 31 December, 2021.

Key Managerial Personnel

During fiscal 2022, following changes took place in the Key Managerial Personnel of the Bank:

1. Rajesh Dahiya ceased to be the Executive Director (Corporate Centre) of the Bank with effect from the close of business hours on 31 December, 2021 due to early retirement.

2. Girish Koliyote ceased to be the Company Secretary and Compliance Officer of the Bank, with effect from the close of business hours on 8 October, 2021 due to resignation.

3. Pursuant to the recommendations of the NRC, the Board appointed Sandeep Poddar, as the Company Secretary and Compliance Officer of the Bank, with effect from 10 January, 2022.

The Board places on record its sincere appreciation for the valuable contribution made by Rajesh Dahiya and Girish Koliyote during their tenure with the Bank.

Accordingly, Amitabh Chaudhry, Managing Director & CEO, Rajiv Anand, Deputy Managing Director, Puneet Sharma, Group Executive & Chief Financial Officer and Sandeep Poddar, Senior Vice President & Company Secretary are the Key Managerial Personnel of the Bank, in terms of Section 203(1) read with Section 2(51) of the Act and Rule 8 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Selection and Appointment of Directors

The selection and appointment of Directors of the Bank is done in accordance with the applicable provisions of the Act, rules made thereunder, the Banking Regulation Act, 1949, the Guidelines issued by the RBI and the relevant provisions of the SEBI Listing Regulations. The Bank has formulated and adopted various policies with respect to selection and appointment of directors i.e. Succession Planning Policy for the Board and Key Officials of the Bank, Policy on Fit and Proper Criteria for Directors of the Bank, Board Diversity Policy and Policy on Training of Directors, the details of which are provided in Report on Corporate Governance, which forms part of this annual report.

Declaration of Independence

All the Independent Directors of the Bank have confirmed that they meet the criteria prescribed for independence under the provisions of Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI Listing Regulations.

The Board has assessed the veracity of the confirmations submitted by the Independent Directors and thereafter took the same on record.

In the opinion of the Board, all the Independent Directors are independent of the Management.

Board Performance Evaluation

The Act and the SEBI Listing Regulations relating to Corporate Governance provides for evaluation of the performance of the Board, its Committees, Individual Directors and the Chairperson of a company.

The Bank has institutionalised the Board Performance Evaluation Process. The NRC is the nodal agency for conducting the said performance evaluation. The NRC annually reviews and approves the criteria and the mechanism for carrying out the exercise effectively.

The methodology used for the annual Board Performance Evaluation, the outcome, progress made over last year and the proposed action for implementation during fiscal 2023, are provided in the Report on Corporate Governance, which forms part of this annual report.

Directors' Responsibility Statement

In terms of Section 134(3)(c) of the Act the Directors hereby state that:

a) the applicable accounting standards had been followed in the preparation of the annual accounts for the financial year ended 31 March, 2022.

b) accounting policies have been selected and applied consistently, and judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Bank as at 31 March, 2022 and of the profit of the Bank for the year ended on that date.

c) proper and sufficient care has been taken for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities.

d) the annual accounts have been prepared on a going concern basis.

e) adequate internal financial controls for the Bank to follow have been laid down and these are operating effectively.

f) proper and adequate systems have been devised to ensure compliance with the provisions of all applicable laws and these systems are operating effectively.

Meetings of the Board

The schedule in respect of the meetings of the Board / Committees, to be held during the next financial year is circulated in advance to all the Members of the Board.

During fiscal 2022, 12 meetings of the Board were held and the gap between the said meetings did not exceed the limit of 120 days, as prescribed under the relevant provisions of the Act, the relevant Rules made thereunder and the applicable SEBI Listing Regulations.

Audit Committee of the Board

The composition, role and functions of ACB, is provided in the Report on Corporate Governance, which forms part of this annual report.

The Board has accepted all the recommendations made by the ACB.

Related Party Transactions

During fiscal 2022, the Bank has not entered into any materially significant transactions with its related parties, which could lead to potential conflict of interest between the Bank and these parties, other than transactions entered into with them in the ordinary course of its business.

A statement giving details of all related party transactions, entered into pursuant to the omnibus approval so granted, is placed before the ACB of the Bank for their review on a quarterly basis. No transactions were entered into with related parties, which were not in the ordinary course of the business of the Bank or which were not on an arm's length basis. Accordingly, there are no transactions required to be reported in Form AOC-2. The Bank has a Standard Operating Procedure for the purpose of identifying and monitoring such transactions. In terms of the amended provisions of SEBI Listing Regulations relating to related party transactions, the Bank vide Postal ballot on 8 April, 2022 has obtained the approval of the members of the Bank for material related party transactions of the Bank for fiscal 2023. The Bank in accordance with the SEBI circular no. SEBI/HO/CFD/CMD1/CIR/P/2022/47 dated 8 April 2022, will seek approval of the members at the ensuing 28th AGM for material related party transactions, which will be valid up to the date of the 29th AGM.

The Policy on Related Party Transactions has been reviewed by the ACB and the Board and the same is available on the website of the Bank at https://www.axisbank.com/docs/default-source/quarterly-reports/6policy-on-related-party-transactions.pdf in terms of the SEBI Listing Regulations.

Whistle Blower Policy and Vigil Mechanism

The Bank has formulated and adopted a Whistle Blower Policy and Vigil Mechanism, details of which have been provided in the Report on Corporate Governance, which forms part of this annual report.

Maintenance of Cost Records

Being a banking company, provisions of Section 148(1) of the Act, relating to maintenance of cost records is not applicable to the Bank.

Adequacy of Internal Financial Controls related to Financial Statements

The Bank has put in place adequate internal financial controls with reference to its financial statements. These controls ensure the accuracy and completeness of the accounting records and the preparation of reliable financial statements.

Plan and Status of IND AS Implementation

The RBI had issued a circular in February 2016 requiring Banks to implement Indian Accounting Standards (Ind AS) and prepare standalone and consolidated Ind AS financial statements with effect from 1 April, 2018. Banks were also required to report the comparative financial statements for fiscal 2018, to be published along with the financial statement for the year beginning 1 April, 2018. However, the RBI in its press release issued on 5 April, 2018 deferred the applicability of Ind AS by one year (i.e. 1 April, 2019) for Scheduled Commercial Banks. Further, RBI in a circular issued on 22 March, 2019 has deferred the implementation of Ind AS till further notice.

During fiscal 2017, the Bank had undertaken a preliminary diagnostic analysis of the GAAP differences between Indian GAAP vis-a-vis Ind AS. The Bank has also identified and evaluated data gaps, processes and system changes required to implement Ind AS. The Bank is in the process of implementing necessary changes in its IT systems wherever required and other processes in a phased manner. The Bank is also submitting Proforma Ind AS financial statements to RBI on a half-yearly basis.

In line with the RBI guidelines on Ind AS implementation, the Bank has constituted a Steering Committee comprising members from the concerned functional areas, headed by the Deputy Managing Director of the Bank. A progress report on the status of Ind AS implementation in the Bank is presented to the ACB and Board of Directors on a quarterly basis.

Remuneration Policy

The Bank has formulated and adopted a Remuneration Policy for its Non-Executive Chairman and Non-Executive Directors and a Remuneration Policy for its Managing Director & CEO, Whole-Time Directors, Material Risk Takers, Control Function Staff and other employees (the Policies), in terms of the relevant provisions of Section 178 of the Act, the relevant Rules made thereunder, the SEBI Listing Regulations and guidelines/circulars issued by the RBI.

The details of the said Policies have been provided in the Report on Corporate Governance, which forms part of this annual report. The said Policies are available on the website of the Bank at https://www.axisbank.com/docs/default-source/quarterly- reports/comprehensive-remuneration-policy.pdf, in terms of the SEBI Listing Regulations.

Employee Stock Option Scheme

The Bank has formulated and adopted Employee Stock Option Scheme (ESOS) for the eligible Employees, Managing Director & CEO and Executive Directors of the Bank and that of its Subsidiary Companies, in terms of the Regulations / Guidelines issued by the Securities and Exchange Board of India.

Pursuant to the authority given by the members at the AGM held on 30 July, 2021, the NRC approved certain amendments to the ESOS of the Bank in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 [SEBI (SBEB and SE) Regulations 2021]. None of these amendments were prejudicial to the interests of the employees.

The ESOS is in compliance with the SEBI (SBEB and SE) Regulations, 2021. A certificate from the Secretarial Auditor of the Bank that the ESOS has been implemented in accordance with SEBI (SBEB and SE) Regulations 2021 and in accordance with the resolutions passed by the members of the Bank, will be placed at the 28th AGM of the Bank.

Disclosures as mandated under the provisions of Regulation 14 of the SEBI (SBEB and SE) Regulations 2021, is available on the website of the Bank at https://www.axisbank.com/shareholders-corner/corporate-governance/compliance-report.

Particulars of Employees

The information required pursuant to Section 197 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, in respect of Directors / Employees of the Bank, is attached as Annexure 1 to this Report.

In terms of Section 197(12) of the Act, read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and other particulars of the employees drawing remuneration in excess of limits set out in said Rules forms part of this annual report.

In accordance with the provisions of Section 136(1) of the Act, the annual report excluding the aforesaid information, is being sent to the members of the Bank and others entitled thereto. The said information is also available for inspection by the members at the Registered Office of the Bank during business hours of the Bank up to the date of the ensuing Annual General Meeting.

Any member interested in obtaining a copy thereof, may write to the Company Secretary of the Bank at its Registered Office or at shareholders@axisbank.com

Information under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Bank has formulated and adopted a Policy on Prevention of Sexual Harassment of Women at workplace. The Bank has complied with the provisions relating to the constitution of Internal Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The information relating to complaints received and redressed during fiscal 2022 is provided in the Report on Corporate Governance, which forms part of this annual report.

Statutory Auditors

The members at the 24th AGM of the Bank held on 20 June, 2018 appointed Haribhakti & Co. LLP, Chartered Accountants, (Membership Number 103523W / W100048) as the Statutory Auditors of the Bank to hold office as such from the conclusion of the 24th AGM until the conclusion of the 28th AGM of the Bank.

RBI vide its notification no. RBI/2021-22/25 Ref. No. DoS.QD.ARG/SEC01/08.91.001/2021-22 dated 27 April, 2021, has issued guidelines on appointment of Statutory Central Auditors (SCAs) / Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) (the "RBI Guidelines"). The RBI Guidelines states that the Statutory Audit of Banks should be conducted jointly by two eligible audit firms, who shall be appointed for a continuous period of three years, subject to them satisfying the eligibility norms as stipulated therein, each year.

Further, as per the clarification issued by the RBI, Haribhakti & Co. LLP who had completed three years until fiscal 2021, ceased to be the Statutory Auditors of the Bank on the conclusion of 27th AGM of the Bank.

Accordingly, based on the recommendation of the ACB and the Board, the members of the Bank approved the appointment of M P Chitale & Co., Chartered Accountants (Firm Registration No. 101851W) and CNK & Associates LLP, Chartered Accountants (Firm Registration No. 101961W/ W100036), as the Joint Statutory Auditors of the Bank, to hold office from the conclusion of the 27th AGM until the conclusion of the 30th AGM, on such terms and conditions, including remuneration, as may be approved by the ACB. The approval of the RBI is required to be sought for the appointment of Joint Statutory Auditors every year.

In accordance with the requirement of the aforesaid RBI Guidelines, the Bank has framed a policy on appointment of Statutory Auditors and has also identified internal set of evaluation criteria for assessing the goodness of fit in terms of experience and eligibility for the audit firms including auditor independence.

There are no qualifications, reservations, adverse remarks or disclaimer made by M P Chitale & Co., Chartered Accountants, and CNK & Associates LLP, Chartered Accountants, in the Statutory Auditors Report.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act and the relevant provisions of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Bank had appointed Bhandari & Associates, Company Secretaries, to act as the Secretarial Auditor of the Bank, for fiscal 2022.

The Secretarial Audit of the Bank was conducted in respect of the matters as prescribed in the said Rules and set out in the Secretarial Audit Report, for fiscal 2022, attached as Annexure 2 to this Report. There are no qualifications, reservations, adverse remarks or disclaimer made by the Secretarial Auditor of the Bank, in its report.

In terms of SEBI circular no CIR/CFD/CMD1/27/2019 dated 8 February, 2019, relating to Annual Secretarial Compliance Report, the Bank had appointed Bhandari & Associates, Company Secretaries, for issuing the aforesaid report for fiscal 2022. The Bank will submit the Annual Secretarial Compliance Report to the Stock Exchanges within the prescribed time limit.

Certificate from a Company Secretary in Practice

In terms of Regulation 34(3) read with Schedule V of the SEBI Listing Regulations, the Bank has obtained a Certificate from Bhandari & Associates, Company Secretaries, confirming that none of the Directors on the Board of the Bank have been debarred or disqualified from being appointed or continuing as Directors of the companies either by the Securities and Exchange Board of India or the Ministry of Corporate Affairs or any other Statutory / Regulatory Authorities. The said certificate is attached as Annexure 3 to this Report.

Reporting of Frauds by Auditors

During fiscal 2022, pursuant to Section 143(12) of the Act, neither the Statutory Auditors nor the Secretarial Auditor of the Bank have reported any instances of frauds committed in the Bank by its officers or its employees.

Secretarial Standards

The Bank is in compliance with the Secretarial Standards on Meetings of the Board of Directors (SS-1) and the Secretarial Standards on General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI). The Bank has also voluntarily adopted the recommendatory Secretarial Standard on Dividend (SS-3) and Secretarial Standard on Report of the Board of Directors (SS-4) issued by ICSI.

Risk Management

Pursuant to Regulation 21 of the SEBI Listing Regulations, the Bank has constituted a Risk Management Committee. The details of the said Committee and its terms of reference are set out in the Report on Corporate Governance, which forms part of this annual report.

The Bank has formulated and adopted a robust Risk Management Framework. Whilst the Board is responsible for framing, implementing and monitoring the Risk Management Framework, it has delegated its powers relating to monitoring and reviewing of risks associated with the business of the Bank to the said Committee. The details of the Risk Management Framework and issues related thereto have been disclosed in the Management's Discussion and Analysis Report, which forms part of this annual report.

Corporate Social Responsibility

The Bank has been undertaking Corporate Social Responsibility (CSR) activities since 2006 through Axis Bank Foundation (ABF), its CSR arm. With the introduction of Section 135 of the Act which made CSR mandatory, the Bank expanded its spectrum of activities to reach out to the communities it serves across the length and breadth of the country.

Pursuant to the provisions of Section 135 of the Act, read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 (CSR Rules), as amended, the Bank has constituted the CSR Committee of the Board.

The Bank formulated and adopted a CSR Policy which provides the focus areas (in accordance with Schedule VII of the Act) under which various developmental initiatives are undertaken.

The composition of the CSR Committee, CSR Policy and projects/programs approved by the Board are available on the website of the Bank at https://www.axisbank.com/csr/social-responsibility.

The Annual Report on CSR activities and details of amount spent or unspent by the Bank during fiscal 2022, in accordance with the CSR Rules, is attached as Annexure 4 to this Report.

Business Responsibility Report

In terms of Regulation 34(2)(f) of the SEBI Listing Regulations, top 1000 listed entities based on their market capitalisation as on 31st March, every year, are required to submit their Business Responsibility Report (BRR), as a part of their annual report. The Bank's BRR describing the initiatives taken by the Bank from an Environmental, Social and Governance perspective is available on the website of the Bank at https://www.axisbank.com/shareholders-corner/shareholders-information/business- responsibility-report.

Significant and Material Order Passed by Regulators or Courts or Tribunals Impacting the Going Concern Status and Operations of the Bank

During fiscal 2022, no significant and / or material order was passed by any Regulator, Court or Tribunal against the Bank, which could impact its going concern status or future operations.

Conservation of Energy & Technology Absorption

The particulars as prescribed under Section 134(3)(m) of the Act, read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is attached as Annexure 5 to this Report.

Annual Return

The Annual Return in Form MGT-7, as mandated under the provisions of Section 92(3) read with Section 134(3) of the Act, has been uploaded on the website of the Bank and is available at https://www.axisbank.com/shareholders-corner/shareholders- information/annual-return.

Acknowledgements and Appreciations

The Board places on record its gratitude to the RBI, MCA, SEBI, other Statutory and Regulatory Authorities, Financial Institutions, Stock Exchanges, Registrar and Share Transfer Agent, Debenture Trustees, Depositories and Correspondent Banks for their continued support and guidance.

The Board also places on record its appreciation to its valued customers for their continued patronage and to the members of the Bank for their continued support.

The Board also expresses its heartfelt thanks and gratitude to each employee and their families for their continued commitment towards the Bank and its customers, who by demonstrating strong work ethics, professionalism, teamwork and initiatives helped the Bank continue to serve its depositors and customers and reinforce its customer centric image despite the challenging environment.

For and on behalf of the Board of Directors
Place: Mumbai Rakesh Makhija
Date: 29 April, 2022 Chairman

   

Axis Bank Ltd Company Background

Rakesh MakhijaRajiv Anand
Incorporation Year1993
Registered OfficeTrishul 3rd Floor Law Garden,Ellis Bridge
Ahmedabad,Gujarat-380006
Telephone91-79-66306161,Managing Director
Fax91-79-26409321
Company SecretarySandeep Poddar
AuditorM P Chitale & Co/CNK & Associates LLP
Face Value2
Market Lot1
ListingBSE,London,MSEI ,NSE,
RegistrarKFin Techologies Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Axis Bank Ltd Company Management

Director NameDirector DesignationYear
Srinivasan VishvanathanIndependent Director2022
Rakesh MakhijaPart Time Chairman2022
Ketaki BhagwatiIndependent Director2022
Rajiv AnandDeputy Managing Director2022
Girish ParanjpeIndependent Director2022
Amitabh ChaudhryManaging Director & CEO2022
T C Suseel KumarNominee2022
Meena GaneshIndependent Director2022
G PadbhanabhanIndependent Director2022
ASHISH ARVIND KOTECHANominee2022
Vasantha GovindanNominee2022
Sandeep PoddarCompany Sec. & Compli. Officer2022
Manoj KohliAddtnl Independent Director2022
S Mahendra DevIndependent Director2022
Subrat MohantyWTD & Executive Director2022

Axis Bank Ltd Listing Information

Listing Information
BSE_SENSEX
NIFTY
BSE_500
BSE_100
BSE_200
BSEDOLLEX
CNX500
BSEBANKEX
BANKNIFTY
CNX100
CNXSERVICE
CNX200
CNXFINANCE
BSECARBONE
NFT100LQ15
NFT100EQWT
BSEALLCAP
BSELARGECA
BSEFINANCE
NFTPVTBANK
SENSEX50
BSEBHARA22
ESG100
LMI250
NFT50EQWT
BSE100LTMC
BSEPVTBNK
NFTYLM250
NFTYFS2550
NFTY200M30
NF500M5025

Axis Bank Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Interest/disc on advance/billsRs.00049616.5823
Income on investmentsRs.00014618.9141
OthersRs.0001613.1799
Interest on balance with RBIRs.0001528.1533

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