axis bank research report

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• AXIS BANK LTD.
• SECTOR : BANKING AND FINANCE
• INDUSTRY : BANKS

Axis Bank Ltd.

NSE: AXISBANK | BSE: 532215 NSE: AXISBANK

1141.50 -8.35 ( -0.73 %)

New 52W High in past week

10.2M NSE+BSE Volume

NSE 03 May, 2024 6:01 AM (EDT)

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Broker average target upside potential%

Broker 1Year buys

9 active buys

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2 active holds

Broker 1M Reco upgrade

0 Broker 1M Reco upgrade

Axis Bank Ltd. share price target

Axis bank ltd. has an average target of 1287.18. the consensus estimate represents an upside of 12.76% from the last price of 1141.50. view 33 reports from 13 analysts offering long-term price targets for axis bank ltd...

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Buy Axis Bank; target of Rs 1345: KR Choksey

Kr choksey is bullish on axis bank has recommended buy rating on the stock with a target price of rs 1345 in its research report dated april 30, 2024..

KR Choksey's research report on Axis Bank

AXSB’s Net Interest Income (NII) grew 11.5% YoY/ 4.4% QoQ to INR 130,890 Mn in Q4FY24. NII was 2.5% higher than our estimates. The Bank’s PPOP (Pre-Provisioning Operating Profit) for the quarter was INR 105,357 Mn, a growth of 14.9% YoY/ 15.3% QoQ led by a robust growth in non-interest. The PPOP was higher than our estimates driven by the higher non-interest income compared to our estimates. Net profit before exceptional items grew 17.4% QoQ/ 5.4% YoY to INR 71,297 Mn in Q4FY24, primarily led by higher operational income. The net profit deviation stood higher on the back of higher operating performance.

Considering the Bank's consistent performance and improved asset quality, we revise our target price to INR 1,345 per share (earlier INR 1,275), applying a 2.0x P/ABV multiple to its FY26E adj. book value. We reiterate our "BUY" rating for the AXSB share.

For all recommendations report,  click here

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Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Axis Bank - 30042024 - kr

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• Axis Bank Ltd

Axis Bank Ltd Banks | NSE : AXISBANK

• Target : 1,100.0 (28.65%)
• Target Period : 12-18 Month

02 May 2023

Strong growth outlook; valuations reasonable for re-rating.

Axis Bank is the third largest private sector bank in India with a balance sheet size of ₹ 13.17 lakh crore as on March 2023. The bank has acquired Citi consumer banking portfolio effective March 2023 for ₹ 11600 crore wherein ~₹ 27000 crore of retail assets and ₹ 40000 crore of liabilities have come on Axis Bank’s books. Accordingly, exceptional provision of ₹ 12489 crore made in Q4FY23 P&L account.

• Retail and SME comprise ~67% of total loans

Mixed quarter.

• Credit growth came in at 19.4% YoY (ex-Citi 16% YoY) at ₹ 8.45 lakh crore. Retail book was up 22% YoY. The bank saw strong 10% QoQ (ex-Citi 7% QoQ) growth in deposits
• NII up 33% YoY, 2.5% QoQ, NIMs declined 4 bps QoQ to 4.22%, domestic NIM at 4.35%
• Lower provisions at ₹ 306 crore led to PAT growth of 61% YoY. Exceptional item of ₹ 12489 crore led to loss of ₹ 5728 crore
• Asset quality has improved as GNPA, NNPA ratio declined 48 bps, 12 bps QoQ to 2.02% and 0.39%, respectively

Axis Bank’s stock rallied just ~10% in the last one year. With strong growth coupled with guidance of 4-6% above industry and stable margins, we believe earnings growth should remain robust at 20% CAGR over the next two years. RoA to sustain around 1.9-2% and strong capital position offer comfort on valuations as at 1.5x FY25E ABV.

• We retain our BUY rating on the stock

Maintain target price of ₹ 1100 at ~2.0x FY25E ABV

• Credit growth guidance of >-6% compared to industry growth and improving asset mix including Citi, to lead to high yielding book and aid margins trajectory
• Healthy PCR at 81%, improving asset quality and target of ~2% cost to asset ratio provide comfort on earnings volatility
• Capitalisation levels still strong post acquisition of Citi assets with CAR at 17.64% and CET 1 ratio of 14.02%

Apart from Axis, in our coverage we also like Kotak Bank.

• Kotak Mahindra Bank is a powerful banking franchise with strong promoter led management. It has a presence across financial services value chain
• BUY with a target price of ₹ 2175

Particulars

Shareholding pattern, price chart, recent events & key highlights.

• NIM steady QoQ at 4.2%. GNPA down 48 bps to 2%, net credit cost 0.22%

Research Analyst

Kajal Gandhi [email protected]

Vishal Narnolia [email protected]

Key Financial Summary

Variance table.

Q4FY23 Earnings Conference Call highlights

• Guidance – Credit growth of >4-6% of industry growth. Deposit growth to be at ~15%. Combination of opening new branches (up to 500 branches in FY24), mobile banking, business correspondents will aid deposits traction. Cost to assets to be ~2%
• The acquisition includes March 2023 (one month) P&L in Axis Bank reported numbers
• One off impact on P&L was | 12489 crore including amortisation of goodwill of | 11949 crore
• All one-time expenses have been charged in Q4FY23. Now, only | 1500 crore integration cost is remaining, which will be incurred over the next 18 months
• There was a 6 bps impact on NIMs due to 13% higher average LCR maintained during the quarter. Excess LCR is likely to get normalised in the next two to three quarters
• NIMs include interest on income tax refund of | 85 crore (~3 bps)
• Deposit quality (lendable deposits) has improved with outflow rates lower by 550 bps on a YoY basis
• The acquisition of Citi portfolio has resulted in ~870 bps YoY increase in share of premium segment in Retail SA deposits
• Have cushion of ~40 bps over guided NIMs and aim will be to retain as much as possible of this cushion
• Total 42% of fixed rate book is likely to mature in the next 12 months
• SME book – Growth continues to be strong in the last 12-14 months. This book is linked to repo rate so rates are passed on immediately
• Corporate book – Demand strong across multiple segments (iron, roads, infra, NBFCs, etc). Seeing strong uptick in private capex
• Axis Finance’s (LAP, business loans, etc) focus on growing retail book continue

Financial Summary

Profit and loss statement ₹ crore, key ratios ₹ crore, balance sheet ₹ crore, cash flow statement ₹ crore, previous reports pdf:, analyst certification.

I/We, Kajal Gandhi, CA, Vishal Narnolia, MBA and Pravin Mule, MBA, M.com. Research Analysts Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee of the companies mentioned in the report.     

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The banking industry has gone through a significant transformation over the past few decades. Banks are realizing the importance of shifting their focus from being product centric to customer centric, keeping customer experience at the front and center of the banking experience.

Digital transformation in banking is no longer about moving from the traditional to the digital world. With retail and corporate customers’ touch points increasing rapidly, banks need to shift their emphasis to improving customer journeys and extending customer outreach—and thereby increasing revenue.

Case in point: India’s extensive adoption of the Unified Payments Interface (UPI) which can be attributed to the pivotal role that APIs play. UPI, a real-time payment system, has revolutionized the way financial transactions are conducted across the country. APIs have empowered businesses and developers to seamlessly integrate UPI into their applications and services, resulting in widespread usage. From enabling mobile and online payments to facilitating merchant transactions and recurring payments, UPI APIs have fostered an ecosystem where individuals and businesses can effortlessly access and apply the convenience of UPI, transforming India’s digital payment landscape.

APIs have also become instrumental in enabling banks to offer customized financial services and solutions, tailored to the unique requirements of businesses. Through API integration, corporate clients gain direct access to a wide array of banking services, ranging from real-time account information to efficient payment initiation and cash management tools. This streamlined access enhances the overall customer experience, reducing manual processes and improving efficiency. Furthermore, by collaborating with third-party developers and fintech partners via APIs, banks can continually innovate and expand their service offerings, ensuring that they remain at the forefront of meeting the dynamic and evolving financial demands of their corporate clientele.

Axis Bank, the third largest private sector bank in India, has firmly built its reputation over the last three decades as one of the first, new generation, customer focused banks. APIs have been an integral part of Axis Bank for years, since they bring in business automation, scalability and greater acceleration in deploying innovative services. The bank’s predominant focus has been on the consumer and transaction banking space, to develop and integrate APIs for its retail and corporate customers using various banking channels.

Axis Bank was on the lookout for a robust, secure and scalable API management solution that would give its customers a world-class banking experience. It wanted a solution that would make it easier to work with new-age fintech companies, while also maintaining the high levels of security, reliability and efficiency for which the bank is known for.

Gain insights into the key challenges that drive the need for API management and an effective API management solution.

Axis Bank’s path-breaking digital banking platform, NEO, helped integrate an entire suite of transaction banking products across payments, collections, trade, supply chain finance and treasury and domain expertise around the businesses. NEO helped the bank embark on a transformational journey that helped it roll out industry leading API products in transaction banking, across SMEs and MSMEs to conglomerates.

“Axis Bank is constantly striving to ensure that its clients become future ready on their significant agenda items of Treasury digitization, Working Capital and evolving integrated Supply Chain and Payments needs. To deliver that, Axis Bank has today built India’s leading API rails portfolio, on which our industry leading Transaction Banking propositions are offered. This also includes our Developer Portal where clients can self-register, explore the APIs, test them and get onboarded with an Industry leading end-to-end digital onboarding experience,” adds Vivek Gupta, President & Head, Wholesale Banking Products, Axis Bank.

To drive further innovation, Axis Bank has introduced API recommendations segment and industry wise, making it an industry first API Developer portal focused on personalized API recommendations. Another industry first feature includes the Call back API URL, which allows event-driven communication

For customer service and experience enhancement, Axis Bank focuses on instant gratification using chatbots, an automated ticketing system and a developer community forum to effectively address customer queries.

Axis Bank’s traditional corporate onboarding process involved multiple manual handoffs and paper-based documentation. The bank also didn’t have a proper digital document repository in place, which made the process even more cumbersome.

Due to this, the onboarding process used to take a very long time. Axis Bank’s corporate customers couldn’t afford to wait so long to be onboarded.

Experts from Axis Bank and IBM joined forces, with a common goal of enhancing the customer onboarding experience and reducing signup times, resulting in a better customer experience, increased efficiency, and more signups.

The IBM Cloud ® Integration Expert Labs team led the implementation of the API solution for the bank along with the bank’s in-house IT team. The IBM team also collaborated closely with the bank’s IT team to train and enhance their skills on the IBM API Connect ® solution and help them on their digital transformation journey.

Working on the hybrid team model, an Expert Labs integration architect led a team of API developers from IBM and Axis Bank’s IT team. Having already collaborated with Axis Bank in the past, IBM had a clear understanding of its IT landscape, requirements and expectations.

Once IBM and Axis Bank put their minds together, the transformation was there for all to see. With the help of the IBM API Connect platform, Axis Bank phenomenally brought down the corporate onboarding turnaround time (TAT) within its API ecosystem. The bank now offers a complete digital experience to its corporate users.

There was a clear plan and structured approach to make this transformation happen. The API documentation process was simplified using detailed flowcharts, allowing developers to understand the clear purpose and function of each of the 400+ APIs being deployed.

Customers also received a clear picture of the setup of each product, which was instrumental in bringing down the TAT. Customers could also accept the terms and conditions online, while monitoring the performance of APIs using real-time analytics.

Axis Bank provides a swagger-driven API documentation experience to its developer communities to maintain the conformance of the API development practice. The bank’s customer engagement also went up several notches as it applied immediate notifications and an organized ticketing system, which helped it address and resolve customer queries quickly. “Our clients can now enjoy quicker, more efficient and seamless access to our services, resulting in increased satisfaction and loyalty. This customization has truly been a game-changer, and we're thrilled with the positive impact it had on our customer relationships,” says Sameer Shetty, President & Head, Digital Business and Transformation, Axis Bank.

There is significant surge in the adoption by customers and the same is getting reflected in the Bank’s API ecosystem with highest level of customer stickiness. Axis Bank’s improved turnaround time and enhanced operational efficiency have led to customers purchasing more products, resulting in deeper and longer-lasting relationships. Further proof of success can be seen in the significant jump in the bank’s API traffic and payout and service requests.

By bringing down the corporate onboarding time, reducing the dependence on manual handoffs and increasing overall operational efficiency, the IBM API Connect Suite helped transform the corporate onboarding process for Axis Bank. “We are delighted to partner with IBM in our above quest; their tech stack powers our robust and secure infrastructure, resulting in a seamless customer experience throughout the API lifecycle,” concludes Mr. Gupta.

Axis Bank (link resides outside ibm.com) is one of the largest private sector banks in India. The bank offers the entire spectrum of services to a wide range of customer segments, including large and midsize corporations, small- and midsize enterprises, agriculture, and retail businesses. Axis Bank maintains 5,152 domestic branches, 15,806 ATMs and 2,864 center across India, enabling the bank to reach out to a large cross-section of customers with an array of products and services.

Create, Manage, Secure, Monetize and Socialize every single one of your APIs with IBM API Connect.

© Copyright IBM Corporation 2023. IBM Corporation, New Orchard Road, Armonk, NY 10504 Produced in the United States of America, December 2023. IBM, the IBM logo, ibm.com, IBM API Connect, and IBM Cloud are trademarks or registered trademarks of International Business Machines Corporation, in the United States and/or other countries. Other product and service names might be trademarks of IBM or other companies. A current list of IBM trademarks is available on https://www.ibm.com/legal/copyright-trademark .   This document is current as of the initial date of publication and may be changed by IBM at any time. Not all offerings are available in every country in which IBM operates.   All client examples cited or described are presented as illustrations of the manner in which some clients have used IBM products and the results they may have achieved. Actual environmental costs and performance characteristics will vary depending on individual client configurations and conditions. Generally expected results cannot be provided as each client's results will depend entirely on the client’s systems and services ordered. THE INFORMATION IN THIS DOCUMENT IS PROVIDED “AS IS” WITHOUT ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND ANY WARRANTY OR CONDITION OF NON-INFRINGEMENT. IBM products are warranted according to the terms and conditions of the agreements under which they are provided.  

Buy Axis Bank; target of Rs 1322: LKP Research

LKP Research's research report on Axis Bank

Axis Bank has reported strong results with several positive takeaways: 1) Accomplishing the aspiration of ROE of more than 18% for 4QFY24, 2) Healthy credit growth (14.2% YoY, 3.5% QoQ). 3) Strong other income growth (38.2% YoY, 21.8% QoQ) driven by treasury gains. 4) Lower C/I ratio of 46.9% compared to 49.5% in 3QFY24. 5) Increased disbursement in retail and SME loans. 6) Strong contingent provision buffer (1.3% of gross loans). 6) Sequential improvement in NPA (GNPA/NNPA ratio 1.43%/0.31%) driven by lower slippages. 7) Restructuring (14bps of GCA) squeezed further and at manageable levels with 20% coverage. Additionally, CDR ratio improved to 90.3% compared to 92.8% in the previous quarter. However, the negative aspect is the higher-than-expected provision expenses (₹11.8bn vs ₹10.3bn in 3QFY24). Furthermore, we believe the negatives are well provided for and anticipate growth to continue going forward.

We value the standalone bank with PBV of 2.2xFY26E Adj. BVPS of ₹575 and reach price target to ₹1,322. We recommend BUY rating with potential upside of 17% from current level.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Axis Bank - 26042024 - lkp

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For Axis Bank - Please click on the links below to view the Annual Report in web version

2019 - 2020.

• Annual Report for the year 2019-2020

2022 - 2023

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2021 - 2022

• Annual Report for the year 2021-2022

2020 - 2021

• Annual Report for the year 2020-2021

For Axis Bank - Please click on the links below to download the Annual Report in PDF format.

2018 - 2019.

• Annual Report for the year 2018-2019

2017 - 2018

• Annual Report for the year 2017-2018

2016 - 2017

• Annual Report for the year 2016-2017

2015 - 2016

• Annual Report for the year 2015-2016

2014 - 2015

• Annual Report for the year 2014-2015

2013 - 2014

• Annual Report for the year 2013-2014

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• Annual Report for the year 2012-2013

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• Annual Report for the year 2011-2012

2010 - 2011

• Annual Report for the year 2010-2011

2009 - 2010

• Annual Report for the year 2009-2010

2008 - 2009

• Annual Report for the year 2008-2009

2007 - 2008

• Annual Report for the year 2007-2008

2006 - 2007

• Annual Report for the year 2006-2007

2005 - 2006

• Annual Report for the year 2005-2006

2004 - 2005

• Annual Report for the year 2004-2005

2003 - 2004

• Annual Report for the year 2003-2004 part 1
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2002 - 2003

• Annual Report for the year 2002-2003

2001 - 2002

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2000 - 2001

• Annual Report for the year 2000-2001

1999 - 2000

• Annual Report for the year 1999-2000

1998 - 1999

• Annual Report for the year 1998-1999

For Subsidiaries - Please click on the links below to download the Annual Report in PDF format.

• Annual Report for Axis Bank UK Limited for the year ended 2022-23
• Annual Report for Axis Finance Limited for the year ended 2022-2023
• Annual Report for Axis Capital Limited for the year ended 2022-23
• Annual Report for Axis Securities Limited for the year ended 2022-23
• Annual Report for Axis Asset Management Company Limited for the year ended 2022-23
• Annual Report for Freecharge Payment Technologies Private Limited for the year ended 2022-23
• Annual Report for Axis Trustee Services Limited for the year ended 2022-23
• Annual Report for A. Treds Limited for the year ended 2022-23
• Annual Report for Axis Mutual Fund Trustee Limited for the year ended 2022-23
• Annual Report for Axis Bank UK Limited for the year ended 2021-2022
• Annual Report for Axis Finance Limited for the year ended 2021-2022
• Annual Report for Axis Capital Limited for the year ended 2021-2022
• Annual Report for Axis Securities Limited for the year ended 2021-2022
• Annual Report for Axis Asset Management Company Limited for the year ended 2021-2022
• Annual Report for Freecharge Payment Technologies Private Limited for the year ended 2021-2022
• Annual Report for Axis Trustee Services Limited for the year ended 2021-2022
• Annual Report for A.Treds Limited for the year ended 2021-2022
• Annual Report for Axis Mutual Fund Trustee Limited for the year ended 2021-2022
• Annual Report for Axis Bank UK Limited for the year ended 2020-2021
• Annual Report for Axis Finance Limited for the year ended 2020-2021
• Annual Report for Axis Capital Limited for the year ended 2020-2021
• Annual Report for Axis Securities Limited for the year ended 2020-2021
• Annual Report for Axis Asset Management Company Limited for the year ended 2020-2021
• Annual Report for Freecharge Payment Technologies Private Limited for the year ended 2020-2021
• Annual Report for Axis Trustee Services Limited for the year ended 2020-2021
• Annual Report for A.Treds Limited for the year ended 2020-2021
• Annual Report for Axis Mutual Fund Trustee Limited for the year ended 2020-2021
• Annual Report for Axis Bank UK Limited for the year ended 2019-2020
• Annual Report for Axis Finance Limited for the year ended 2019-2020
• Annual Report for Axis Capital Limited for the year ended 2019-2020
• Annual Report for Axis Securities Limited for the year ended 2019-2020
• Annual Report for Axis Asset Management Company Limited for the year ended 2019-2020
• Annual Report for Freecharge Payment Technologies Private Limited for the year ended 2019-2020
• Annual Report for Accelyst Solutions Private Limited for the year ended 2019-2020
• Annual Report for Axis Trustee Services Limited for the year ended 2019-2020
• Annual Report for A.Treds Limited for the year ended 2019-2020
• Annual Report for Axis Private Equity Limited for the year ended 2019-2020
• Annual Report for Axis Mutual Fund Trustee Limited for the year ended 2019-2020
• Annual Report for Axis Bank UK Limited for the year ended 2018-2019
• Annual Report for Axis Finance Limited for the year ended 2018-2019
• Annual Report for Axis Capital Limited for the year ended 2018-2019
• Annual Report for Axis Securities Limited for the year ended 2018-2019
• Annual Report for Axis Asset Management Company Limited for the year ended 2018-2019
• Annual Report for Freecharge Payment Technologies Private Limited for the year ended 2018-2019
• Annual Report for Accelyst Solutions Private Limited for the year ended 2018-2019
• Annual Report for Axis Trustee Services Limited for the year ended 2018-2019
• Annual Report for A.Treds Limited for the year ended 2018-2019
• Annual Report for Axis Private Equity Limited for the year ended 2018-2019
• Annual Report for Axis Mutual Fund Trustee Limited for the year ended 2018-2019
• Annual Report for Axis Bank UK Limited for the year ended 2017-2018
• Annual Report for Axis Finance Limited for the year ended 2017-2018
• Annual Report for Axis Capital Limited for the year ended 2017-2018
• Annual Report for Axis Securities Limited for the year ended 2017-2018
• Annual Report for Axis Asset Management Company Limited for the year ended 2017-2018
• Annual Report for Freecharge Payment Technologies Private Limited for the year ended 2017-2018
• Annual Report for Accelyst Solutions Private Limited for the year ended 2017-2018
• Annual Report for Axis Trustee Services Limited for the year ended 2017-2018
• Annual Report for A.Treds Limited for the year ended 2017-2018
• Annual Report for Axis Private Equity Limited for the year ended 2017-2018
• Annual Report for Axis Mutual Fund Trustee Limited for the year ended 2017-2018
• Annual Report for Axis Bank UK Limited for the year 2016-2017
• Annual Report for Axis Finance Limited for the year 2016-2017
• Annual Report for Axis Capital Limited for the year 2016-2017
• Annual Report for Axis Securities Limited for the year 2016-2017
• Annual Report for Axis Asset Management Company Limited for the year 2016-2017
• Annual Report for Axis Trustee Services Limited for the year 2016-2017
• Annual Report for A.Treds Limited for the year 2016-2017
• Annual Report for Axis Private Equity Limited for the year 2016-2017
• Annual Report for Axis Mutual Fund Trustee Limited for the year 2016-2017
• Annual Report for Axis Private Equity Limited for the year 2015-2016
• Annual Report for Axis Mutual Fund Trustee Limited for the year 2015-2016
• Annual Report for Axis Asset Management Company for the year 2015-2016
• Annual Report for Axis Finance Limited for the year 2015-2016
• Annual Report for Axis Bank UK Limited for the year 2015-2016
• Annual Report for Axis Trustee Services Limited for the year 2015-2016
• Annual Report for Axis Securities Limited for the year 2015-2016
• Annual Report for Axis Capital Limited for the year 2015-2016
• Annual Report for Axis Securities Europe Limited for the year 2015-2016
• Annual Report for Axis Private Equity Limited for the year 2014-2015
• Annual Report for Axis Mutual Fund Trustee Limited for the year 2014-2015
• Annual Report for Axis Asset Management Company Limited for the year 2014-2015
• Annual Report for Axis Finance Limited for the year 2014-2015
• Annual Report for Axis Bank UK Limited for the year 2014-2015
• Annual Report for Axis Trustee Services Limited for the year 2014-2015
• Annual Report for Axis Securities Limited for the year 2014-2015
• Annual Report for Axis Capital Limited for the year 2014-2015
• Annual Report for Axis Private Equity Limited for the year 2013-2014
• Annual Report for Axis Securities Limited for the year 2013-2014
• Annual Report for Axis Mutual Fund Trustee Limited for the year 2013-2014
• Annual Report for Axis Asset Management Company Limited for the year 2013-2014
• Annual Report for Axis Finance Limited for the year 2013-2014
• Annual Report for Axis Bank UK Limited for the year 2013-2014
• Annual Report for Axis Trustee Services Limited for the year 2013-2014
• Annual Report for Axis Capital Limited for the year 2013-2014
• Annual Report for Axis Private Equity Limited for the year 2012-13
• Annual Report for Axis Mutual Fund Trustee Limited for the year 2012-13
• Annual Report for Axis Asset Management Company Limited for the year 2012-13
• Annual Report for Axis Finance Private Limited for the year 2012-13
• Annual Report for Axis Trustee Service Limited for the year 2012-13
• Annual Report for Axis U.K.Limited for the year 2012-13
• Annual Report for Axis Capital Limited for the year 2012-13
• Annual Report for Axis Private Equity Limited for the year 2010-2011
• Annual Report for Axis Mutual Fund Trustee Limited for the year 2010-2011
• Annual Report for Axis Asset Management Company Limited for the year 2010-2011
• Annual Report for Axis Trustee Services Limited for the year 2010-2011
• Annual Report for Axis Securities And Sales Limited for the year 2010-2011

For Step down Subsidiaries - Please click on the links below to download the Annual Report in PDF format.

• Annual Report for Axis Capital USA, LLC for the year ended 2022-23
• Annual Report for Axis Pension Fund Management Limited for the year ended 2022-23
• Annual Report for Axis Capital USA,LLC for the year ended 2021-2022
• Annual Report for Axis Capital USA,LLC for the year ended 2020-2021
• Annual Report for Axis Capital USA,LLC for the year ended 2019-2020
• Unaudited Financial Statement for Axis Capital USA,LLC for the year ended 2019-2020
• Unaudited Financial Statement for Axis Capital USA,LLC for the year ended 2018-2019
• Annual Report of Axis Securities Europe Limited for the year 2014-2015
• Annual Report for Axis Securities Europe Limited for the year 2013-2014
• Annual Report for Axis Securities Limited for the year 2012-13
• Annual Report for Enam Securities Europe Limited for the year 2012-13

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