The Bank has reported another successful performance, underpinned by
 healthy growth of both business and revenues. We continue to have a
 fairly well-diversified customer base that spans both the retail and
 corporate banking space. This year the Bank has expanded its reach
 across the country, adding 407 new branches and 1,977 ATMs. In addition
 to creating infrastructural capabilities for the future, we have
 launched several other initiatives to fulfill product and service needs
 of our customers including the launch of an online-broking portal
 through our wholly-owned subsidiary, Axis Securities and Sales Limited.
 The infrastructure business size has grown well, in line with our
 expectations and this augurs well for the future, infrastructure being
 critical to the countrys growth.
 
 With the Axis family growing manifold over the years, a need was felt
 to construct a corporate office with a distinct identity and one which
 would house our employees in a contemporary, yet environment-friendly
 and wholesome workplace. The relocation to Axis House has fulfilled
 this aspiration.
 
 The economic outlook for the country continues to be promising despite
 concerns around rising inflation. I believe the Bank is truly
 well-positioned to capitalize on emerging opportunities across the
 economy including infrastructure, SME, retail banking and capital
 markets and will, therefore, continue to deliver value to its
 shareholders.
 
 Shikha Sharma
 
 Managing Director & CEO 
 
 22nd April 2011