Axis Bank reported gross advances of ₹13,846 billion as on September 30, 2026, marking a 22.7% year-on-year increase. Total deposits grew 20.7% YoY to ₹14,521 billion, reflecting robust balance sheet expansion in the second quarter of FY27.

The bank disclosed these provisional key financial metrics under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The data indicates significant momentum in both lending and deposit mobilization, with quarterly growth rates also remaining strong.

Deposit composition and CASA trends

Total deposits reached ₹14,521 billion at the end of the quarter, up from ₹12,035 billion a year earlier. Term deposits were the primary driver, growing 27.3% YoY to ₹9,225 billion. In contrast, CASA balances rose a more modest 10.6% YoY to ₹5,296 billion.

On a quarterly average basis, total deposits stood at ₹13,964 billion, reflecting a 22.5% YoY increase. CASA on an average basis grew 13.9% YoY to ₹4,943 billion, while average term deposits expanded 27.8% YoY to ₹9,021 billion.

Impact of FCNR(B) facilities

The bank highlighted the impact of the Reserve Bank of India's swap facility for FCNR(B) deposits. Axis Bank mobilized FCNR(B) deposits aggregating USD 10.62 billion (₹1,018 billion) as on September 30, 2026. A portion of these flows was used to reduce non-retail term deposits, which declined 8.6% QoQ.

Loans extended by international branches to customers leveraging this facility aggregated USD 4.57 billion (₹438 billion). Excluding these specific loans, gross advances would have grown 18.8% YoY and 5.3% QoQ. Similarly, total deposits excluding these impacts would have grown 17.0% YoY and 2.6% QoQ.

What the numbers show

A divergence exists between headline growth and underlying organic expansion. While gross advances showed a headline YoY growth of 22.7%, excluding the USD 4.57 billion in loans linked to FCNR(B) leverage facilities, the growth rate moderates to 18.8%. This suggests that approximately 3.9 percentage points of the reported advance growth is attributable to balance sheet structuring via the swap facility rather than core credit demand alone. Furthermore, the 8.6% QoQ decline in non-retail term deposits indicates active management of liability costs using the new regulatory window.

The figures remain provisional and are subject to a limited review by the statutory auditors.

Axis Bank informed stock exchanges that Sanjeev Moghe, Group Head: Branch Banking – South, has resigned to pursue an opportunity outside the bank. He will be relieved from services at the close of business on October 30, 2026.

The resignation was tendered on October 4, 2026. Moghe served as Senior Management Personnel and will cease to hold this designation upon his relief date. The bank acknowledged his contributions during his tenure in a formal disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Tenure and Leadership Context

Moghe joined the lender in March 2018. Over an eight-year tenure, he led the Cards and Payments division before assuming responsibility for Branch Banking in the South geography. His departure marks a shift in senior leadership within the retail banking segment.

In his resignation letter addressed to Rajkamal Vempati and Munish Sharda, Moghe cited a desire to pursue an external career move. He emphasized his commitment to ensuring a smooth handover process before his exit.

Regulatory Disclosures

The bank submitted required details pursuant to SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026. The disclosure included the reason for cessation, date of relief, and confirmation that no brief profile or director relationship disclosures were applicable for this resignation.

Management Transition

Axis Bank placed on record its appreciation for Moghe's valuable contributions. The institution wished him success in future endeavors. The resignation letter was attached as Annexure A to the exchange filing, while compliance details were enclosed as Annexure B.

This change affects the senior management structure responsible for branch operations in the southern region. The bank did not disclose immediate succession plans in the initial filing.