Axis Bank to raise Rs 6,000 crore through bonds

Private sector player Axis Bank on Thursday said it proposes to raise Rs 6,000 crore from bonds to fund its business growth.

The board has approved issuance of long term bonds or non-convertible debentures up to Rs 6,000 crore on a private placement basis, Axis Bank said in a filing on the BSE.

Shares of Axis Bank closed at Rs 398.70 per unit, up 1.18 per cent, on the BSE.

The bank reported 18.3 per cent growth in net profit at Rs 1,667 crore for the first quarter ended June 30, 2014-15. It had earned a net profit of Rs 1,409 crore in the April-June quarter of 2013-14 fiscal.

Total income of the bank rose to Rs 9,980.47 crore during the quarter under review as against Rs 9,059.12 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.

The net interest income rose to 16 per cent to Rs 3,310 crore from Rs 2,865 crore in the same period a year.

However, the bank's other income (non-interest revenue) declined to Rs 1,691 crore as compared Rs 1,781 crore April-June quarter of last fiscal.