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Axis Bank plans to raise Rs 35,000 crore to fund business growth

The bank has reported a net profit of Rs 1,505 crore for the March quarter of 2018-19

Press Trust of India 

Axis Bank
Axis Bank | Photo: Shutterstock

Private sector lender Friday said it plans to raise Rs 35,000 crore debt instrument, including in foreign currency, to fund business growth.

The decision in this regard will be taken at the annual general meeting held on July 20.

The board has already given an approval to raise in Indian or by issue of debt instruments including but not limited to long-term bonds, non-convertible debentures, perpetual debt instruments and tier-II capital bonds up to an amount of Rs 35,000 crore, said in a regulatory filing.

The bank has reported a net profit of Rs 1,505 crore for the March quarter of 2018-19 as against a net loss of Rs 2,188 crore in the corresponding quarter of the previous fiscal.

Gross non-performing assets as percentage of loans has declined to 5.26 per cent in the March quarter of 2018-19, from 6.77 per cent in the year-ago period.

First Published: Fri, April 26 2019. 21:43 IST
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