HDFC Bank and Axis Bank are both producing equally good results in last 6 QTRs.
HDFC Bank : Axis Bank EPS EPS in last 6 QTRs was as below
Q/E0608 : 10.94 : 9.21
Q/E0908 : 12.42 : 11.23
Q/E1208 : 14.62 : 13.95
Q/E0309 : 14.83 : 16.20
Q/E0609 : 14.22 : 15.62
Q/E0909 : 16.09 : 13.23
In the q/e 0909, at the fag end of the Qtr, Axis Bank Equity increased from 360 cr to 402 cr.If the EPS is recalculated for Axis on the old EPS on which the income was actually earned, it amounts to 16+.

The Percentage of NPAs are : 0.50 for HDFC Bank and 0.45 for Axis bank.
The return on Assets is 0.50 for HDFC Bank and 1.45 for Axis bank
Capital Adequacy ratios are 15.70 and 16.47 respectively.
Axis bank acquired huge capital funds at a high premium in Sep end. This will enable Axis Bank to perform as well as HDFC Bank in a much more competitive manner now.
The P/E ratios comparison reveals that Axis Bank is much cheaper presently but highly promising.
All in all, Both Banks can be expected to produce equally excellent and comparable results - in next Qtr.
But, given the Lower P/E for Axis, Axis may go up faster than HDFC bank in future till both become equal.