Axis Bank

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Axis Bank

Type Public (BSE: 532215)

Banking
Industry
Financial services
Founded 1994
Headquarters Mumbai, India
Adarsh Kishore
(Chairman)
Key people
Shikha Sharma
(MD & CEO)

Investment Banking
Commercial Banking
Retail Banking
Products Private Banking
Asset Management
Mortgages
Credit Cards
Revenue 13,745.04 crore (US$ 3.12 billion)(2009)
1,812.93 crore (US$ 411.54 million)
Net income
(2009)
Employees 13,389 (2010)[1]
Website Axisbank.com

Axis Bank, formerly UTI Bank, is a financial services firm that had begun operations in 1994,
after the Government of India allowed new private banks to be established. The Bank was
promoted jointly by the Administrator of the Specified Undertaking of the Unit Trust of India
(UTI-I), Life Insurance Corporation of India (LIC), General Insurance Corporation Ltd.,
National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance
Corporation and United India Insurance Company UTI-I holds a special position in the Indian
capital markets and has promoted many leading financial institutions in the country. The bank
changed its name to Axis Bank in April 2007 to avoid confusion with other unrelated entities
with similar name.[2] After the Retirement of Mr. P. J. Nayak, Shikha Sharma was named as the
bank's managing director and CEO on 20 April 2009.[3]

As on the year ended 31 March 2009 the Bank had a total income of 13,745.04 crore (US$ 3.12
billion) and a net profit of 1,812.93 crore (US$ 411.54 million).

On 24 February 2010, Axis Bank announced the launch of '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.[4]

Contents
[hide]

 1 Branch Network
 2 AxisRemit Online
 3 See also
 4 References
 5 External links

[edit] Branch Network

AXIS Bank

The Bank's Registered Office is at Ahmedabad and its Central Office is located at Mumbai. At
the end of September 2010, The Bank has a very wide network of more than 1095 branches and
Extension Counters (as on 31 October 2010).The Bank has a network of over 4846 ATMs (as on
31 September 2010). The Bank has loans now (as of June 2007) account for as much as 70 per
cent of the bank’s total loan book of Rs 2,00,000 crore. For HDFC Bank, retail assets are around
57 per cent (Rs 28,000 crore) of the total loans as of March 2007.

In the case of Axis Bank, retail loans have declined from 30 per cent of the total loan book of Rs
25,800 crore in June 2006 to around 23 per cent of loan book of Rs.41,280 crore (as of June
2007). Even over a longer period, while the overall asset growth for Axis Bank has been quite
high and has matched that of the other banks, retail exposures grew at a slower pace.

If the sharp decline in the retail asset book in the past year in the case of Axis Bank is part of a
deliberate business strategy, this could have significant implications (not necessarily negative)
for the overall future profitability of the business.

Despite the slower growth of the retail book over a period of time and the outright decline seen
in the past year, the bank’s fundamentals are quite resilient. With the high level of mid-corporate
and wholesale corporate lending the bank has been doing, one would have expected the net
interest margins to have been under greater pressure. The bank, though, appears to have insulated
such pressures. Interest margins, while they have declined from the 3.15 per cent seen in 2003-
04, are still hovering close to the 3 per cent mark. (The comparable margins for ICICI Bank and
HDFC Bank are around 2.60 per cent and 4 per cent respectively. The margins for ICICI Bank
are lower despite its much larger share of the higher margin retail business, since funding costs
also are higher).

The Bank today is capitalized to the extent of Rs. 408.84 crores with the public holding (other
than promoters and GDRs) at 53.81%.

[edit] AxisRemit Online

This is a convenient and secure portal for NRIs to remit money to India, generally required for
maintenance of their relatives. It is a growing revenue stream for the bank, with more and more
NRIs registering to avail of the highly competitive exchange rates and convenient online facility.

UTI Bank to be called Axis Bank

April 30, 2007 19:25 IST

UTI Bank, the country's third largest private lender, on Monday said the board of directors have
approved a proposal to change its name to Axis Bank.

The board in its meeting held today approved change of name to avoid confusion as several
unrelated entities were using the UTI brand, R Ashok Kumar, UTI Bank [ Get Quote ] executive
director (corporate strategy), said.

The UTI brand is owned by UTI Asset Management Company.

"The name will take effect consequent to the approval of shareholders, Reserve Bank of India [
Get Quote ] and the central government (Registrar of Companies). It is anticipated this should
occur by end-June 2007, and the re-branding process is expected to be completed within another
three months," he said.

The annual general meeting is being held on June 1. After approval from AGM, the bank would
seek regulatory clearances from authorities, he said.

On re-branding strategy, Kumar said the bank has hired advertising firm O&M to help in
creating awareness of the new brand across the country.

The bank would change logo and colour of logo, he said, adding, the bank is likely to spend
around Rs 50 crore (Rs 500 million) in the re-branding exercise.

"We will work out advertisement strategy with the advertising agency," he said.

The board also approved appointment of P J Nayak as whole-time chairman of the bank with
effect from August 1, 2007.

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