Axis Bank

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Aug 31 (Reuters Breakingviews) - India's largest private bank by assets has a chance to restore some lost credibility. HDFC Bank HDBK.NS CEO Sashidhar Jagdishan on Saturday unexpectedly ruled out staying for a third three-year term at the helm once his current tenure ends in October. As the $115 billion lender's governance woes start to look persistent, his departure gives its board a chance to bring in an outsider to shake things up.

HDFC has been in the wars of late. In March, Chair Atanu Chakraborty suddenly resigned, citing ethical differences with the bank. Last month, the board fined Jagdishan and other senior executives for "business overreach" in deposit pricing; within three weeks a group of U.S.-based investors filed a class-action lawsuit against the lender, alleging it failed to properly disclose information about the incident.

These challenges had weakened Jagdishan's chances of staying on, as it was not clear he'd get the nod from the central bank, which has an effective veto over bank CEO appointments. They certainly overshadowed his achievements. A long-time insider, 61-year-old Jagdishan prioritised improvements to HDFC's technology and customer service; oversaw the merger of HDFC Bank with its mortgage-lender parent, which involved layers of employee integration and a complex realignment of assets and liabilities; and he upgraded the bank's digital capabilities enough to reverse crippling business curbs imposed by the central bank months after he took charge.

Yet internal problems and thinning net interest margins have taken their toll: the stock has fallen 27% from its high at the end of last year, reducing the bank's annualised total return during Jagdishan's tenure to just 4.5%, a quarter of the Nifty Bank index.

After more than 30 years of insiders running the shop, hiring the next CEO from outside the lender's executive ranks makes sense. Amitabh Chaudhry, who leads $41 billion Axis Bank AXBK.NS and has presided over an asset-quality turnaround and an acquisition of Citi's local consumer business, would be a strong contender. As would Bajaj Finance BJFN.NS Vice Chair Rajeev Jain, whose experience building scale would suit HDFC's needs, too.

The bank might suggest Deputy Managing Director Kaizad Bharucha and an external candidate for the central bank to consider, Reuters reported, citing sources. Between the two choices, the lender stands to gain less from the continuity an insider would bring than from the needed shake-up an external appointment might be more willing to instigate.

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CONTEXT NEWS

HDFC Bank is likely to name Deputy Managing Director Kaizad Bharucha as one of two options for its next CEO after incumbent Sashidhar Jagdishan retires at the end of his second term in October, Reuters reported on August 30, citing two unnamed people familiar with the matter.

The bank on August 29 said Jagdishan had decided not to seek re-appointment to the role. His second three-year term ends on October 26. "The Board decided to fast-track the process for selection and appointment of his successor well within time," HDFC said in a filing.

(Editing by Antony Currie; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

Adds analyst and management comment on lending margins in paragraphs 14-15

By Ashwin Manikandan and Gopika Gopakumar

MUMBAI, Aug 25 (Reuters) - Axis Bank AXBK.NS, India's third-largest private bank by assets, expects credit growth to expand 300 basis points faster than the industry average in the current fiscal year on strong corporate and retail demand, its chief executive said.

Demand is coming from sectors including data centres and small businesses as well as retail borrowers looking to monetise their gold, Chief Executive Amitabh Chaudhry said in an interview at the company's headquarters in Mumbai on Monday.

Credit growth in India's $3.36 trillion banking sector accelerated to 18.3% year-on-year in June, the latest data available, from 9.3% a year earlier, supporting the South Asian economy in a year when business has been sluggish in many countries including the U.S., China and Brazil amid growing economic and geopolitical challenges.

"The headline growth is coming from three places: large corporates, non-bank lenders, and gold loans," Chaudhry said.

Credit is growing at more than 15% even excluding these segments, suggesting broad-based demand, he said.

The credit boom is likely to boost earnings at Axis, which reported a standalone net profit of 71.14 billion Indian rupees ($738.89 million) for the three months ended June, compared with 58.06 billion rupees a year earlier. Net interest income over the period rose 8% to 146.46 billion rupees, aided by a 19% rise in domestic loans.

A central bank window to draw subsidised dollar deposits is likely to further boost credit growth in the banking sector, Chaudhry added.

FROM DATA CENTRES TO GOLD

Data centres, renewable energy, manufacturing and urbanisation are driving corporate credit demand, while gold loans and borrowers from smaller cities are fuelling retail growth, Chaudhry said.

Axis Bank is selectively expanding data-centre lending, focusing on developers with strong equity backing, technical expertise and long-term take-or-pay contracts. Such contracts, where the supplier agrees a minimum quantity of goods that a buyer has to purchase every year, are typically agreed for long, extensive projects.

Chaudhry cautioned the sector was not a "jackpot" and required underwriting discipline.

"It is seen as a huge opportunity and a lot of players have entered it," he said. "It might not be such an easy place to play."

Among retail segments, loans against gold surged 94% year-on-year in June.

Chaudhry said the gold-linked demand did not signal economic stress, with borrowers instead taking advantage of higher gold prices and lower rates than those available under unsecured personal loans.

"Earlier, people would use gold to borrow only in extreme circumstances. Now they see it as a very legitimate way to walk in and borrow," he said.

"Axis Bank will see its credit growth sustain. It'll need to be seen whether they are able to improve lending margins along with growth," said Rikin Shah, senior vice president at Mumbai-based brokerage IIFL Capital.

Chaudhry expects the bank's net interest margin — a key measure of profitability — will bottom out at close to current levels of 3.5%. The flood of dollar deposits, though, may bring down margins temporarily until the money is deployed, he said.

IPO PLANS FOR KEY BUSINESSES

Axis Bank, which has units ranging from investment banking to insurance, is preparing two for potential listings, Chaudhry said.

Axis is evaluating an internal restructuring involving Max Financial MAXI.NS, its joint venture partner in Axis Max Life Insurance, after a change in regulations allowed non-insurance and insurance companies to merge, he said.

The move could potentially result in the life insurer being listed within 12 to 18 months.

Axis Finance, which has more than 500 billion rupees in assets, is likely to list after its assets reach 1 trillion rupees, the level at which it would be required to do so under Reserve Bank of India rules, Chaudhry added.

At the firm's current pace of growth, that could happen within the next couple of years, he said.

($1 = 95.7450 Indian rupees)

(Reporting by Ashwin Manikandan and Gopika Gopakumar in Mumbai; Editing by Kate Mayberry)

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By Munsif Vengattil

BENGALURU, Aug 21 (Reuters) - India has directed Google to shut down hundreds of accounts on its Firebase web development platform after finding a pattern of criminals misusing the service to impersonate major banks and defraud people, according to government notices and a source familiar with the matter.

Online scams have become one of India's most pressing law enforcement challenges, with Indians losing nearly $2.4 billion in alleged cyber fraud in 2025, according to government data. For years, the government has gone after scammers by ordering their websites removed.

Of late, however, Indian officials have noticed a "pattern" that scammers are using the Google's app and website development tool Firebase, which has millions of users the world over, according to the source with direct knowledge of the matter.

The Indian Cyber Crime Coordination Centre (I4C) has directed at least 57 websites and databases that were hosted on Firebase be taken down in August alone, saying they were being used to distribute malware and steal sensitive financial information from victims' phones, according to three notices sent to Google and reviewed by Reuters.

There was no suggestion in the notices that Google or Firebase were in any way responsible. However, Google can be held liable for the named links if they are not taken down within three hours of the notice being issued.

"Android-based malware programs are masquerading as legitimate banking services, specifically targeting Android users with credit cards. Scammers lure victims by promoting offers such as new credit cards, reward redemptions, or credit limit upgrades," I4C said in an August 17 notice to Google, directing the removals.

The source added the total number of notices sent to Google over Firebase ran into dozens in recent months, without sharing an exact number.

Alphabet-owned GOOGL.O Google said in a statement the company has "strict policies prohibiting the use of our services for phishing, malware, or financial fraud" and works with law enforcement, including I4C, to evaluate and act on notices.

Representatives for India's home (interior) ministry, which controls the I4C, did not respond to questions.

BOOMING DIGITAL USE

Firebase is used by millions of developers worldwide to build apps and host websites. It is part of Google's cloud business, which generated nearly $25 billion in revenue in the most recent quarter.

Scam operators have been migrating to Firebase from other free tools since last year, drawn by generous free options and more capable database features, the Indian government has assessed, the source said.

Scammers are increasingly targeting India's booming digital payments ecosystem. Nearly 242 billion digital transactions were processed through India's real-time payments system alone in the year to March 2026, making it one of the world's largest digital payments markets.

Reuters reviewed three government notices sent by I4C to Google in August, accessed through Lumen, a non-profit database where companies like Google voluntarily submit content removal requests they receive.

"ANDROID GOD MODE"

Seven of the 57 websites and databases asked to be removed were phishing pages created using Firebase that mimicked top Indian banks, including State Bank of India, ICICI Bank and Axis Bank. The remaining were what the government agency said were websites created to collect data stolen from victims' phones, including credit card details and one-time passwords.

The three banks did not respond to queries from Reuters.

The fraud described in the notices worked by getting victims to install apps that looked like legitimate banking services.

One scheme exploited by scammers was PM-KISAN, a federal government programme that pays small farmers roughly 2,000 Indian rupees (about $21) every four months, according to a fourth notice and the source with direct knowledge.

Websites allegedly promised recipients help in claiming their payment, asking them to download an app to redeem the money.

Then, the app sends the user's data to the scammer's Firebase database, effectively leading to a hack of the phone where scammers can access other downloaded apps and defraud customers of their funds.

The government issued one public advisory in March, without naming Firebase, but raising concerns about such malware, widely called "Android God Mode" by cybersecurity researchers, a term describing the near-total control over victims' phones.

"These malicious apps often impersonate trusted services such as banking, government and utility platforms, and trick users into installing them through links," the advisory said.

($1 = 95.7300 Indian rupees)

(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra and Raju Gopalakrishnan)

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By Dharamraj Dhutia

MUMBAI, Aug 18 (Reuters) - Four Indian private lenders have fast-tracked plans to raise dollar bonds before the end of August, seeking to take advantage of a central bank swap facility before its early closure, after larger peers ICICI Bank ICBK.NS and Axis Bank AXBK.NS raised more than $1 billion.

Kotak Mahindra Bank KTKM.NS, YES Bank YESB.NS, IDFC First Bank IDFB.NS and Federal Bank FED.NS are together aiming to raise $1.85 billion through bond sales with maturities of up to five years, the bankers added.

Lenders are rushing to raise funds after the Reserve Bank of India last week said it would close a swap facility for FX deposits from non-resident Indians on August 31, a month earlier than planned.

Kotak Bank is leading the race as it has set its final price guidance at 108 basis points above U.S. Treasuries, 22 bps narrower than its initial guidance.

"Kotak Bank should be finalised before the end of this week, leaving the other three lenders scrambling for funds in the last week of August," one of the bankers said.

They all requested anonymity as they are not authorised to speak to the media. None of the banks responded to Reuters emails seeking comment.

YES Bank has appointed merchant bankers for a three-year bond offering, with investor calls scheduled for this week, the bankers said.

This will be the first time the private financier taps the offshore market after defaulting on its perpetual additional tier-1 bonds in 2020.

Federal Bank and IDFC First Bank, which are relatively smaller and are looking to debut in the dollar bond market, have just started scouting the market for investors, the bankers added.

The development comes after ICICI Bank raised $750 million through five-year bonds, 105 bps above Treasuries, while Axis Bank raised $300 million through three-year and three-month dollar bonds at a spread of 95 bps over Treasuries.

Indian banks have collectively raised $6.3 billion since the scheme was implemented on June 5, up from $850 million earlier this year, data from Cbonds showed, notching a record high for any calendar year.

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

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By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Aug 17 (Reuters) - Indian lenders are rushing dollar loan and bond issues over the next two weeks after the central bank unexpectedly advanced the end date for an FX swap facility that banks were using for hedging exposure to deposits raised from diaspora.

As part of a raft of measures to boost inflows, lenders were permitted to use these overseas borrowings to offer loans to non-resident Indians. Banks' overseas fundraising had also been subsidised.

Now, with the Reserve Bank of India announcing the closure of the forex swap window for August 31, a month earlier than initially planned, Indian private and state-run banks are on track to raise at least $5 billion through a combination of bonds and loans, four bankers said.

"Some of the fund raising plans have been brought forward to utilize the last few days," Akshay Naik, India head of debt capital markets at Citi, said.

"We will have one of the busiest windows for the next 6-8 days from India. Few institutions who are not ready may need to drop their plan if it was solely meant for FCNR leverage."

Large private-sector lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS are in talks to raise about $1.5 billion each via dollar bonds and loans, while peers including Axis Bank AXBK.NS, YES Bank YESB.NS, RBL Bank RATB.NS and Kotak Mahindra Bank KTKM.NS are planning to raise at least $500 million each through overseas debt markets, bankers said.

State-run lenders State Bank of India SBI.NS, Bank of Baroda BOB.NS, Punjab National Bank PNBK.NS, Canara Bank CNBK.NS, Union Bank of India UNBK.NS, Bank of India BOI.NS and Central Bank of India CBI.NS are targeting dollar raises of $250 million to $500 million each, with the larger banks likely to target bigger issues, the bankers said.

None of the lenders replied to Reuters emails seeking comment.

All the bankers declined to be named as the discussions are private.

BANKS ON TRACK FOR RECORD DOLLAR FUNDRAISING

Indian lenders have raised a combined $5.93 billion through dollar bond sales and loans so far this year, according to LSEG data through August 11.

The tally has climbed by another $1.2 billion, following debt sales by two large state-run lenders last week.

Over the last 15 years, banks' annual foreign borrowing topped $6 billion on three occasions, including in 2013, when the RBI had opened a swap window.

"Would expect $5-7 billion of additional bond and loan issuances for the remainder of year," Naik said.

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

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MUMBAI, Aug 13 (Reuters) - India's Axis Finance ASFP.UL accepted bids worth 8.35 billion rupees ($87.50 million) for the sale of bonds maturing in two years and 11 months, three bankers said on Thursday.

The firm will pay a coupon of 7.90% and had invited commitment bids for the issue on Wednesday, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on August 13:

*Size includes base plus greenshoe for some issues

($1 = 95.4250 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)

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By Dharamraj Dhutia

MUMBAI, Aug 12 (Reuters) - State Bank of India SBI.NS, the country's largest lender, drew strong demand in its return to the public dollar bond market after nearly a year, with pricing tightening sharply from initial guidance, three merchant bankers said on Wednesday.

SBI raised $500 million through a five-year dollar bond issued via its London branch, the lender said in a stock exchange filing late on Tuesday.

These bonds will be priced at a spread of 88 basis points over U.S. Treasuries, sharply below initial guidance of 120 bps. The notes carry a coupon of 5.25%, payable semi-annually.

The final spread was broadly in line with CreditSights' expectation of 90 basis points, although the research firm expects it to tighten further to around 80 basis points in the secondary market.

Spreads on dollar bonds issued by Indian borrowers have widened in recent weeks on expectations of heavy supply following the Reserve Bank of India's swap concession window, while demand has been tempered by attractive rates on foreign-currency deposits.

"As we had anticipated, some of this spread premium has begun to fade as supply is absorbed... We have an outperform recommendation on SBI," CreditSights analysts said in a note.

The lender witnessed tightest pricing, after ICICI Bank sold notes at 100 bps, while HDFC Bank sold notes at a spread of 90 bps over Treasuries.

SBI had planned to raise $1 billion through a public dollar bond issue in June, but deferred the sale due to higher borrowing costs following heavy issuance by Indian lenders.

The bank subsequently raised $600 million through a private placement of three-year dollar bonds at a spread of 100 basis points over the Secured Overnight Financing Rate (SOFR).

The issue comes at a time when Indian banks are making a beeline for dollar issues after the RBI's swap facility announced in June made overseas borrowing cheaper.

Large private lenders, including HDFC Bank, Axis Bank and ICICI Bank have raised funds through dollar bonds in June and July.

Meanwhile, bankers expect SBI to tap the market again in a few weeks for raising dollars, as the board has approved raising of up to $2 billion through bonds sold in dollar or any other major currency in this financial year.

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

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MUMBAI, Aug 11 (Reuters) - India's Axis Finance plans to raise up to 11 billion rupees ($115.3 million), which includes a greenshoe option of 7 billion rupees, through the sale of bonds maturing in two years and 11 months, three bankers said on Tuesday.

The firm will pay a coupon of 7.90% and has invited commitment bids for the issue on Wednesday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on August 11:

*Size includes base plus greenshoe for some issues

($1 = 95.4400 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

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By Dharamraj Dhutia

MUMBAI, Aug 7 (Reuters) - Two Indian private sector lenders have tapped U.S. dollar denominated debt market for the second time in less than two months, to raise $300 million each, two merchant bankers said on Friday.

Here are a few details of the issues:

• ICICI Bank ICBK.NS will issue five-year bonds at a coupon of 5.3520%, payable semi-annually

• Axis Bank AXBK.NS will raise these funds through reissue of its 5.3480% June 2031 bonds, which will take the outstanding issuance to $600 million

• Both the debt placements will close for subscription next week and will be placed privately

• Last month, ICICI Bank raised $1 billion through five-year bonds at a coupon of 5.46%, in what was the largest such issue by an Indian lender in nearly 14 years

• In June, Axis Bank had raised $800 million through a dual-tranche debt issuance, which included the primary sale of the five-year papers and $500 million of perpetual notes at a 6.875% annual coupon, payable semi-annually

• The notes will be listed on the India International Exchange IFSC and NSE IFSC

• The bonds are being issued under the Reserve Bank of India's lower-cost hedging facility that allows eligible external commercial borrowings by banks and state-owned companies to be hedged at a fixed rate of 1.5% per annum, compounded semi-annually, and lowers overall cost of borrowing

(Reporting by Dharamraj Dhutia)

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MUMBAI, July 24 (Reuters) - India's markets regulator on Friday passed its final order in a case of front-running of Axis Mutual Fund trades by its former chief dealer. The regulator said the scheme was a deliberate and coordinated operation that exploited non-public information about the fund house's impending trades. Here are the key details

• Securities and Exchange Board of India (SEBI) imposed monetary penalties against Viresh Joshi, former chief dealer and twenty others of 74 million rupees ($766,343.04). Joshi was handed the highest penalty of 30 million rupees for leaking confidential information about Axis Mutual Fund's trades and profiting from it.

• While imposing a ban of seven years from securities markets, the regulator said Joshi worked with Dubai-based trader Prijesh Kurani and others to run a coordinated front-running scheme between September 2021 and March 2022.

• Joshi used a network of mule accounts, broker terminals, WhatsApp communications, cash/angadia transfers to front run Axis Mutual Fund's big trades and made gains of 305.6 million rupees.

($1 = 96.5625 Indian rupees)

(Reporting by Jayshree P Upadhyay; Editing by Nivedita Bhattacharjee)

(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))

By Dharamraj Dhutia

MUMBAI, July 23 (Reuters) - India's ICICI Bank ICBK.NS has provided an initial price guidance for a five-year dollar bond leveraging the central bank's lower-cost hedging facility, as the private lender returns to the dollar debt market after nearly nine years, two bankers aware of the matter said on Thursday.

The lender is expected to raise at least $500 million through this issue and has provided guidance of a spread of 130 basis points over the corresponding U.S. Treasury yield, the bankers added, requesting anonymity as they are not authorised to speak to the media.

The lender updated its Global Medium Term programme on Wednesday and immediately started the process of raising funds.

ICICI Bank did not immediately respond to a Reuters request for comment.

"The bank should finalise the pricing before the end of Friday, and we are expecting at least 30 bps of a compression from the initial guidance," one of the bankers said.

The transaction would mark ICICI Bank's first dollar bond issuance since December 2017, when it raised $500 million through 10-year bonds at a coupon of 3.80%.

CreditSights has a market perform recommendation on ICICI Bank's dollar bonds.

The Reserve Bank of India last month introduced a swap facility allowing eligible external commercial borrowings by banks and state-owned companies to be hedged at a fixed rate of 1.5% per annum, compounded semi-annually.

The measure significantly lowers hedging costs, making overseas dollar fundraising more attractive.

The nation's second-largest private bank will join peers HDFC Bank and Axis Bank, which raised $750 million through five-year bonds and $800 million via a dual-tranche dollar bond issue in June.

The proceeds from the issue would be used for general corporate purposes, the bankers added.

The offering will be rated Baa3 by Moody's and BBB by S&P Global, in line with the issuer, and would be sold through its GIFT City branch.

(Reporting by Dharamraj Dhutia; Editing by Rashmi Aich)

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** Shares of Axis Bank AXBK.NS down about 5% to 1,263.5 rupees--on track for biggest % fall since December 16, 2026

** On July 18, reported Q1 net interest margin at 3.46% vs 3.80% in the year-ago period--key profitability metric for banks

** Systematix says management stated NIMs has bottomed out; brokerage revises TP to 1,570 rupees vs 1,600 rupees earlier, maintains "Buy" rating

** NIMs compressed a sharper-than-expected, dragged by seasonal agri reversals, adverse balance sheet mix, and interest spread pressure--Citi; brokerage maintains "buy", TP of 1,620 rupees

** Although NIM declined QoQ, management reiterated its structural NIM guidance of ~3.8% over the next 12-15 months with margin normalization expected to be driven by an improving balance sheet mix, lower funding costs and productivity gains--Centrum; TP reduced to 1,610 rupees vs 1,720 rupees; maintains "Buy" rating

** 36 out of 40 analysts rate the stock "buy" or higher, median TP of 1,593.50 rupees

** YTD, stock down 0.37%

(Reporting by Saikeerthi in Bengaluru)

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By Gopika Gopakumar

MUMBAI, July 18 (Reuters) - Indian private lender Axis Bank AXBK.NS reported higher-than-expected profit for the first quarter on Saturday, as core interest income improved and provisions fell.

The country’s third-largest private lender by market capitalisation posted a standalone net profit of 71.14 billion Indian rupees ($738.89 million) for the three months ended June, compared with 58.06 billion rupees a year earlier. Analysts had expected a profit of 65.5 billion rupees, according to data compiled by LSEG.

The bank had taken a one-time charge on a part of its loan book in the year-ago quarter due to what it termed at the time as an "industry benchmarking" exercise on its credit overdraft facilities.

Indian banks have seen a pick-up in loan growth since April, with demand for personal credit and loans against gold rising. Small businesses have also stepped up borrowings, in part backed by government default guarantees made available against the backdrop of disruptions caused by the Iran war.

Axis Bank's net interest income rose 8% to 146.46 billion rupees, aided by a 19% rise in domestic loans.

Deposits grew 6% during the quarter.

Net interest margin, a key measure of the bank’s profitability, fell to 3.46% compared to 3.62% a quarter ago.

Funds kept aside for potential bad loans and other losses fell 44% to 22.22 billion rupees.

The bank's other income, which includes income from treasury, fell 7%, as volatile currency and bond markets led to a fall in income to 67.35 billion rupees.

The Mumbai-based lender's asset quality remained stable with the gross non-performing asset ratio at 1.28% at the end of June, compared with 1.23% in the three months earlier.

($1 = 96.2800 Indian rupees)

(Reporting by Gopika Gopakumar; Editing by Sam Holmes)

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July 14 (Reuters) - Axis Bank Ltd AXBK.NS:

• NOW HOLDS 94.92% STAKE OF AXIS FINANCE

Source text: ID:nBSEb1GRL6

Further company coverage: AXBK.NS

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July 7 (Reuters) - Axis Bank Ltd AXBK.NS:

• RBI APPROVAL ON RE-APPOINTMENT OF N. S. VISHWANATHAN AS A NON EXECUTIVE (PART TIME) CHAIRMAN)

Further company coverage: AXBK.NS

(([email protected];))

** Shares of Axis Bank AXBK.NS up 1.5% at 1,361 rupees

** Bank's gross advances grow 18.8% while total deposits grow 18.2% YoY as of June 30

** Morgan Stanley says AXBK saw continued volume momentum while deposit growth higher than expectations

** Macquarie says among large banks, AXBK's deposit growth stood out and delivered the quickest growth

** ICICI Direct Research maintains strong deposit mobilisation remained the key highlight, with liabilities growing faster than advances sequentially—better than most large private bank peers

** Resulting improvement in the CD ratio provides greater balance sheet flexibility, while credit growth continues to remain ahead of the system - brokerage

** Stock rated as "Buy" on average by 39 analysts; median PT at 1,600 rupees - LSEG compiled data

** YTD, stock up 7.6%

(Reporting by Mridula Kumar in Bengaluru)

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MUMBAI, July 3 (Reuters) - India's Axis Finance ASFP.UL accepted bids worth 6 billion rupees ($62.96 million) for the sale of bonds maturing in three years and one month, three bankers said on Friday.

It will pay a coupon of 7.81% and had invited commitment bids for the issue on Thursday, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on July 3:

*Size includes base plus greenshoe for some issues

($1 = 95.3025 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

(([email protected], [email protected]))

MUMBAI, July 1 (Reuters) - India's Axis Finance ASFP.UL plans to raise up to 6 billion rupees ($63.14 million), including a greenshoe option of 5 billion rupees, through the sale of bonds maturing in three years and one month, three bankers said on Wednesday.

It will pay a coupon of 7.81% and has invited commitment bids for the issue on Thursday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on July 1:

* Size includes base plus greenshoe for some issues

($1 = 95.0200 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrihnan Nair)

(([email protected], [email protected]))

June 30 (Reuters) - Axis Bank Ltd AXBK.NS:

• AXIS BANK - RECEIVES FINAL LISTING APPROVAL FROM IFSC FOR US$800 MILLION NOTES UNDER US$5 BILLION GMTN PROGRAMME

• AXIS BANK - LISTING INCLUDES US$500 MILLION ADDITIONAL TIER 1 NOTES AND US$300 MILLION SENIOR NOTES

Source text: ID:nNSE4HF00P

Further company coverage: AXBK.NS

(([email protected];))