Axis Bank gets shareholders' nod to raise up to Rs 35,000 crore in FY16

Axis Bank will raise up to Rs 35,000 crore in FY16 by selling bonds and non-convertible debentures, the bank has announced. Shareholders approved the move to raise capital at the lender's annual general meeting on Friday. The bank has also received a nod to increase its borrowing limit to Rs 1,50,000 crore

Shikha Sharma will be seen taking the chief executive officer and managing director office again, and S Vishvanathan will be the independent director, as approved by shareholders. 

Private sector Axis Bank on Friday reported a 18.70% growth in net profit at Rs 1,978.44 crore for the first quarter ended June 30.

The bank had earned a net profit of Rs 1,666.76 crore in the April-June quarter of last fiscal, Axis Bank said in a BSE filing.

Total income of the bank improved to Rs 12,234.41 crore as against Rs 9,980.47 crore in the same period last year.

During the quarter, the interest income rose to Rs 9,936.14 crore from Rs 8,289.42 crore in the same period a year ago.

Bank's other income (non-interest revenue) increased to Rs 2,298 crore as compared Rs 1,691 crore April-June quarter of last fiscal.

As of June 30, Axis Bank's gross non-performing assets (NPAs) increased marginally to 1.38 per cent of advances as against 1.34 per cent at the end of first quarter last fiscal.

Net non-performing assets also rose to 0.48% as against 0.44% as on June 30, 2013.

The bank's Gross NPA in absolute term rose to Rs 4,251 crore as compared to Rs 3,463 crore at the end of June 2014.