Axis Bank to raise ₹5,000 crore via Series-9 long-term NCDs on private placement basis

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This fundraising is part of the bank’s authorised plan to raise up to ₹35,000 crore through debt securities on a private placement basis, as approved by its Board of Directors and shareholders. The Series-9 debentures will be fully paid, senior, rated, listed, unsecured, taxable and redeemable long-term instruments.Second Quarter ResultsThe lender’s Net Interest Income (NII) or core income that it earns, increased by 1.9% from the year-ago period to ₹13,744 crore. A CNBC-TV18 poll had projected the figure to be ₹13,224 crore. Net profit for the period stood at ₹5,090 crore, which is lower than the CNBC-TV18 poll figure of ₹5,692 crore. On a year-on-year basis, Axis Bank’s net profit fell 26%.

Following an RBI advisory, Axis Bank has made an additional one-time standard asset provision of ₹1,231 crore during the September quarter for two discounted crop loan variants.

The standard asset provision will be written back into the P&L when all outstanding loans in the two discontinued product variants are recovered or closed in the normal course of business by March 31, 2028, Axis Bank said in its notes to account

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Shares of Axis Bank Ltd ended at ₹1,275.75, down by ₹9.50, or 0.74%, on the BSE.