On Thursday, private sector lender IndusInd Bank said the board has approved raising funds up to Rs 20,000 crore through debt securities.

The private lender will raise funds through debt securities in any permitted mode on a private placement basis for an aggregate amount of Rs 20,000 crore or an equivalent amount in foreign currencies as necessary.

On Tuesday, July 18, the bank reported a net profit of Rs 2,124 crore for Q1, a 33% increase from Rs 1,631 crore in the year-ago period. The bank’s gross non-performing assets stood at 1.94%, down from 2.35% recorded in the same quarter last year.

The revenue for the quarter under review rose to Rs 12,939 crore from Rs 10,113 crore in the previous fiscal year for the same quarter. The interest earned by the bank grew by 31.14% to Rs 10,730 crore over Rs 8,182 crore in Q1FY23.

On the other hand, the net NonPerforming Assets or bad loans eased to 0.58% as against 0.67% in the year-ago period. The bank’s capital adequacy ratio increased to 18.40% from 18.14% in the same quarter of FY23.