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Fitch Ratings upgraded AAA

28 Dec 2007 11:30

Axis Bank Limited28 December 2007 131, Maker Tower 'F', 13th Floor, Cuffe Parade, Colaba, Mumbai - 400005 Tel: 022 - 67074407 Press Release For Immediate Publication Axis Bank gets AAA National Long-Term Rating from Fitch Ratings Mumbai, December 14, 2007: Fitch Ratings has today upgraded Axis Bank Limited'sNational Long-term rating to 'AAA(ind)' from 'AA+(ind)'. At the same time, theagency has upgraded the Bank's Individual rating to 'C' from 'C/D' and Supportrating to '3' from '4'. The ratings of debt programmes have also been upgraded. • INR25 billion subordinated Lower Tier 2 debt programme to 'AAA(ind)' from 'AA+(ind)' • INR6.53bn subordinated Upper Tier 2 debt programme to 'AA+(ind)' from 'AA(ind)' • INR2.14bn perpetual Tier 1 debt programme to 'AA+(ind)' from 'AA(ind)' The upgrade of the Bank's National Long-term and Individual Ratings reflects theBank's diversity of income streams (including strong fee incomes), highproportion of stable 'current and savings account' (CASA) deposits and improvedasset quality ratios which are now amongst the best in the Indian bankingsystem. The issuance of INR45.3bn equity in July 2007 makes the Bank's capitalsize comparable to that of the larger government banks in India and shouldenable it to sustain its growth momentum, as well as absorb any deterioration inasset quality that may result from the increasingly challenging macroenvironment. Over the years, the Bank has established a pan-India branch networkand an increasing share of banking system assets, resulting in an upgrade of itsSupport rating. The Bank's business and risk management systems have benefited from the use oftechnology. Also, the growth in fee income (including that from its retailbanking activities and from its corporate debt syndication business) hasremained robust and its fee income/total operating income ratio (H108: 32.2%,FY07: 30.2%) has remained significantly higher than the median ratio for thesystem (12.3%). The strong fee income supports the Bank's return on assets,which remained above average (H108: 1.0%, FY07: 1.1%, FY07 systemic median:0.9%) in spite of the lower net interest margin (NIM, FY07: 2.9%). The Bank'sNIM has historically been constrained by its higher proportion of rate sensitivewholesale deposits. While the NIM has shot up to 3.3% for the quarter endedSeptember 2007 due to the equity infusion, which enabled the bank to(temporarily) retire high cost term deposits, the management expects a sustainedimprovement in spreads due to the strengthening of the Bank's retail termdeposit and CASA franchise. Underpinned by a buoyant economy, the Bank's loan portfolio expanded rapidly andits size has more than tripled during the last three years. While credit growthmay moderate somewhat due to the rise in interest rates, especially in theconsumer loan business, the growth in the corporate loan portfolio is expectedto remain strong. The rapid credit expansion has been accompanied byimprovements in risk management systems and the Bank's gross NPL ratio improvedto 1.1% at H108 (which is among the lowest for the system). While some pressureon future asset quality cannot be ruled out, the Bank's ability to absorb thesehas vastly improved following the recent equity infusion. Thus, while the Bank'sloan loss reserve coverage is low (H108: 42% of gross NPLs), it's net NPL/equityratio (FY07: 8.2%, systemic median: 9.7%) is expected to remain amongst the bestin the Indian banking system. Axis Bank is one of India's leading private sector banks and has a presence inSingapore, Hong Kong, Shanghai and Dubai, and seeks to expand further itsinternational presence. Axis Bank has the third largest ATM network in India; ithas the third largest base of debit cards in the country, and also has the thirdlargest EDC network. Axis Bank provides payroll services to over 12,000corporates across 3.2 million salary accounts. The market capitalisation of theBank as on December 13th 2007 was Rs. 346 billion; Axis Bank is the fifthlargest Bank by market capitalisation in India. For further information please contact: Mr. P MukherjeePresident, TreasuryAxis BankTel: +919821141624Email: p.mukherjee@axisbank.com This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
31st Mar 20212:40 pmRNSALLOTMENT OF EQUITY SHARES UNDER ESOP – AXIS BANK
26th Mar 202111:17 amRNSRE-CLASSIFICATION TO PUBLIC CATEGORY FROM PROMOTER
22nd Mar 20214:09 pmRNSAPPROVAL OF GRANT OF STOCK OPTIONS
15th Mar 20217:00 amRNSPROPOSED INVESTMENT IN FETTLE TONE LLP
4th Mar 20211:24 pmRNSRECLASSIFICATION TO PUBLIC CATEGORY FROM PROMOTER
1st Mar 20217:00 amRNSRECLASSIFICATION TO PUBLIC CATEGORY FROM PROMOTER
26th Feb 20213:05 pmRNSMoU to set up Pan-India (National) Umbrella Entity
25th Feb 20217:00 amRNSIRDAI Approval in Max Life Transaction
19th Feb 20216:05 pmRNSICRA RATINGS ACTION
1st Feb 20214:17 pmRNSCRISIL Ratings Action
27th Jan 20212:34 pmRNSChange in Directors
27th Jan 202111:48 amRNSFINANCIAL RESULTS - QUARTER ENDED 31 DECEMBER 2020
22nd Jan 202111:45 amRNSChange in Directors
21st Jan 20212:48 pmRNSApproval of CCI
15th Jan 20211:04 pmRNSChange in Directors of the Bank
29th Dec 202012:03 pmRNSALLOTMENT OF EQUITY SHARES UNDER ESOP
10th Dec 20208:13 amRNSPostal Ballot Result
9th Nov 202010:58 amRNSNotice of Postal Ballot - Axis Bank Limited
28th Oct 20202:01 pmRNSChange in Directors of the Bank
28th Oct 20201:40 pmRNSFinancial Results of the Axis Bank Limited
19th Oct 20204:36 pmRNSPrice Monitoring Extension
11th Aug 20202:12 pmRNSIssue and allotment of equity shares under QIP
4th Aug 20203:12 pmRNSQualified Institutions Placement
22nd Jul 20201:40 pmRNSAppointment of Independent Director
21st Jul 20202:45 pmRNSUnaudited Financial Results
14th Jul 20209:07 amRNSBOARD MEETING TO CONSIDER QUARTERLY RESULTS
3rd Jul 20209:24 amRNSANNUAL REPORT INCLUDING THE NOTICE OF 26TH AGM
2nd Jul 20201:48 pmRNSCLOSURE OF AXIS BANK UK, SUBSIDIARY OF THE BANK
2nd Jul 20207:00 amRNSOutcome of Board Meeting - 26th AGM of the Bank
2nd Jul 20207:00 amRNSOutcome of Board Meeting for Raising of Funds
29th Jun 20204:34 pmRNSAPPOINTMENT OF DIRECTOR
29th Jun 20204:31 pmRNSBOARD MEETING TO CONSIDER RAISING OF CAPITAL.
29th Jun 20207:00 amRNSS & P Global Rating Action
15th Jun 20203:51 pmRNSRESIGNATION OF SHRI PRALAY MONDAL
1st Jun 20207:00 amRNSCLARIFICATION ON NEWS ITEM
29th Apr 20204:36 pmRNSReappointment of Director and Appointment of KMP
28th Apr 20201:29 pmRNSAUDITED FINANCIAL RESULTS OF THE BANK
28th Apr 20208:37 amRNSAGREEMENT WITH MAX FINANCIAL SERVICES LIMITED
27th Feb 20207:00 amRNSAPPOINTMENT OF SHRI PUNEET SHARMA AS CFO
20th Feb 202011:02 amRNSCONFIDENTIALITY AND EXCLUSIVITY ARRANGEMENT
27th Jan 202012:48 pmRNSQUARTERLY REPORTING - ALLOTMENT UNDER ESOP
22nd Jan 202012:45 pmRNS3rd Quarter Results
31st Dec 20197:00 amRNSCHANGE IN CRO & APPOINTMENT OF GROUP EXECUTIVE
12th Dec 201911:42 amRNSRESIGNATION OF SMT. USHA SANGWAN
6th Dec 201911:20 amRNSRESIGNATION OF JAIRAM SRIDHARAN - CFO OF THE BANK
22nd Oct 201912:46 pmRNSUNAUDITED FINANCIAL RESULTS OF THE BANK
22nd Oct 201912:01 pmRNSALLOTMENT OF EQUITY SHARES UNDER ESOP
22nd Oct 20197:00 amRNSCESSATION OF TENURE OF SHRI SOM MITTAL
30th Jul 201912:10 pmRNSUNAUDITED FINANCIAL RESULTS OF THE BANK
10th Jul 20193:55 pmRNSINTIMATION OF BOARD MEETING FOR RAISING OF FUNDS.

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