EXHIBIT 1: Axis bank - Financial summary

Research evidence excerpt

EXHIBIT 1: Axis bank - Financial summary

18 July 2026

Pranav Gundlapalle

+91 226 842 1407

India Financials pranav.gundlapalle@bernsteinsg.com

Axis Bank Ltd Ishan Mittal

+91 226 842 1442

Rating ishan.mittal@bernsteinsg.com

Outperform Anirudh Gupta

Price Target +91 226 842 1456

anirudh.gupta@bernsteinsg.com

AXSB.IN 1,600.00 INR

Quick Take: Axis 1Q27 — Growth over margins

Axis Bank delivered a mixed 1Q27 performance, with strong balance-sheet growth continuing

Close Date 17 Jul 2026

to be driven by the corporate segment. While this strategy supported an improvement in NII

AXSB.IN Close Price (INR) 1,328.50

growth, it came at the cost of margin compression, as NIM declined by ~16 bps sequentially.

Price Target (INR) 1,600.00

While a weaker non-interest income weighed on operating performance, disciplined cost

Upside/(Downside) 20%

management and lower YoY credit costs helped sustain healthy earnings growth of 23% YoY.

52-Week Range 1,418.30/1,041.30

Growth continues to be corporate-led: Axis’ healthy loan growth of 19% YoY was driven ASIAX 1,865.18

primarily by sustained momentum in the corporate segment, where advances grew 38% FYE Mar

YoY. SME lending also remained robust, with growth of 25% YoY, while retail loan growth Div Yield 0.1%

continued to be subdued at 8% YoY. Deposit growth continued to be led by TDs, with CASA Market Cap (INR) (B) 4,132.92

growth at 11% YoY. EV (INR) (M) NA

Performance YTD 1M 6M 12M

NIM declines, but NII improves: The bank’s continued dependence on corporate lending Absolute (%) 4.7 (2.3) 2.7 20.9

for growth led to a 16bp QoQ compression in NIM. Nevertheless, healthy loan growth helped ASIAX (%) 14.0 (8.9) 9.3 27.4

offset margin pressure, with NII growth improving to 8% YoY from 5% YoY in 4Q26. Relative (%) (9.4) 6.6 (6.6) (6.5)