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AXIS BANK

Company profile:

Axis Bank begun operations in 1994, it was among the first few private banks, which were granted
licenses.

The bank has a very wide network of more than 1,000 branches. The bank has one of the largest ATM
networks in the country, over 4,397 ATM centres.

Key highlights:

Axis Bank has recorded one of the fastest growths in the industry, in last decade (FY01 – FY10) bank’s
deposits and advances have grown at a CAGR of nearly 40%. In FY10 total business (advances +
deposits) of the bank has grown to Rs245,643cr.

Axis Bank has also maintained (& improved) its profitability in last decade, the net profit of the bank
has grown at a CAGR of 48% (FY01 – FY10). In FY10 Axis Bank reported net profit of Rs2,514cr.

In last decade (FY01 - FY10) bank’s net worth has grown at a CAGR of more than 52%. For the same
period book value per share has grown at 25.8%, reflecting dilution in equity capital of bank at various
intervals. As on March’10 book value per share of Axis Bank is Rs396.

Axis Bank has consistently improved its NIM from 3% in FY04 to 3.75% in FY10. Higher CASA
deposits have helped in lowering the cost of deposits for bank.

Valuation:

At the current market price of Rs1,270 the Axis Bank stock is trading at 21x FY10EPS and 3.2x
FY10BV.