1. Axis Bank – Q1FY10 Result Update Marwadi Shares & Finance Ltd Laxmi Ahuja

2. Investment Argument  Expect loan growth of 30% in FY10E - Have registered 28% credit growth in Q1FY10  Expect margins to be above 3% levels with re-pricing and CASA improvement to further improve NIM  80% of the Corporate book rated at A & above  Sufficiently capitalized with CAR at 15.28%  Strong fee income avenues such as CMS, Syndication, Wealth advisory 52 week H/L – 901/278 Avg Volumes – 378912 Beta – 1.01 CMP – 756 P/ABV – 2.4x FY10ABV (309.5) Support – 685 Resistance – 813 Recommend Accumulate with TP of Rs 851 Market Data

3. Q1FY10Q1FY09Q4FY09y-o-y %q-o-q % NII1045681051032629%1% Non-Int Income9585.76,248.008455.153%13% Optg Expenses8278.46,329.407396.131%12% Prov &Cont3152.92,967.302551.96%24% Net Profit5620.43,301.405814.570%-3% Deposits1102560889730117374024%-6% Advances78105061160081557028%-4% Gross NPA1.01%0.92%0.96% Net NPA0.41%0.47%0.35% NIM3.34%3.35%3.37% CAR15.28%13.3%13.69% CASA40.10%39.8%43.10%