Axis Bank Ltd.

Axis Bank, India’s third-biggest private sector lender is eyeing for a dollar issue whereby the bank is planning to sell commercial paper denominated in US dollars as soon as this week. Citigroup Inc is managing the sale of US dollars denominated commercial papers.

Recently, credit rating agency, CARE had assigned ‘AAA’ rating to the proposed issue of subordinated Lower Tier II Bonds of Axis Bank aggregating to Rs 2,000.00 crore. The bank’s ability to maintain the overall growth momentum in addition to manage credit quality and margins were the key rating sensitivities.

The bank’s net profit for the quarter ended June 30, 2011 has increased by 27.02% at Rs 942.35 crore as compared to Rs 741.88 crore for the quarter ended June 30, 2010. Its total income has registered growth of 39.82% to Rs 6049.27 crore for the quarter under review from Rs 4326.37 crore for the corresponding quarter of the previous year.