Axis Bank to raise Rs6,000 cr through private bonds placement

Private sector lender Axis Bank today said it proposes to raise Rs6,000 crore through bonds to fund growth.

The board has approved issuance of long term-bonds or non-convertible debentures of up to this amount on a private placement basis, Axis Bank said in a filing on the BSE.

The bank reported 18.3 per cent growth in net profit at Rs1,667 crore for the first quarter ended 30 June. It had earned a net profit of Rs1,409 crore in the April-June quarter of 2013-14 financial year.

Total income of the bank rose to Rs9,980.47 crore during the quarter against Rs9,059.12 crore in the same period last year.

The net interest margin for the bank rose to 3.88 per cent in the April-June quarter, against 3.86 per cent in the same period of the previous year; while net interest income rose 16 per cent to Rs3,310 crore from Rs2,865 crore in the same period a year.

However, the bank's other income (non-interest revenue) declined to Rs1,691 crore as compared Rs1,781 crore April-June quarter of last fiscal.