by Amruth Sundarkumar | Nov 22, 2022 | Credit Ratings, India, Investment Grade Bonds
Indian lender Axis Bank was upgraded to BBB- from BB+ by S&P, bumping the bank up to investment grade status. The upgrade came on the back of Axis’s “good asset quality” and expectations that it will be maintained over the next 1-2 years. Asset...
by Amruth Sundarkumar | Jul 26, 2022 | Banks, India
Indian lender Axis Bank reported a solid 91% YoY increase in standalone net profits to INR 41.2bn ($520mn) during the quarter ended June. The bank’s total income rose to INR 21.3bn ($2.7bn), up 12% YoY. Retail loans, Rural loans, and SME loans grew by 25%, 42%,...
by Amruth Sundarkumar | Mar 31, 2022 | Banks, India
Citibank has agreed to sell its Indian retail banking business including savings accounts, credit cards, and wealth management to Axis Bank, a private sector banking major for $1.6bn. The deal will be executed in cash. Besides Axis Bank will also pay Citi an...
by Megha Malhotra | Aug 26, 2021 | Financial Institution Bonds, Financial News
Indian lender Axis Bank has appointed 10 investment banks including HSBC, Citi, MUFG, JP Morgan, Bank of America, Standard Chartered and Societe Generale for issuance of offshore ESG AT1 bonds of up to $1bn, contingent upon investor demand and pricing. The issue is...
by Amruth Sundarkumar | Jul 8, 2021 | Financial Institution Bonds, India
Five top Indian banks – HDFC Bank, SBI, Axis Bank, ICICI Bank and Bank of Baroda (BoB) are expected to raise a combined ~$2bn via offshore AT1s to boost their capital bases as demand for credit increases. ET sources report that Axis and HDFC Bank are likely to...
