Indian Bank has registered a net profit of Rs. 469 crore for the quarter ended September 30, 2011 against Rs. 416 crore in the corresponding period in the previous year. Total income has increased by 32 per cent to Rs.3,377 crore. Net interest income rose by 15.5 per cent to reach at Rs. 1,135.40 crore. Net interest margin stood at 3.76 per cent.
Total business rose to Rs. 2,02,590 crore from Rs.1,67,980 crore. Deposits stood at Rs. 1,16,218 crore against Rs. 98,007 crore and advances at Rs. 86,372 crore against Rs. 69,973 crore. The credit-deposit ratio was 74.3 per cent against 71.4 per cent.
PTI reports:
Indian Bank proposes to raise funds through follow on public offer next year, according to a bank official.
On their proposal to raise funds through FPO, T. M. Bhasin, Chairman and Managing Director, said the bank was quite “comfortable” with the present capital. “We are waiting for conducive market conditions.. However, it will not be required till March 31,2012 as we are comfortable with the present capital..”, he told reporters here after announcing the bank's quarterly results. In May 2011, the bank had said it would file initial papers for its follow-on public offer, after it received an approval from the government to sell 61.4 million shares. “We are rebranding our Savings Bank accounts portfolio. It will be divided into two categories. One under Rs.1 lakh and the other above Rs.1 lakh category. It will take atleast a fortnight to launch. Hopefully, by November 30, we will be launching some products,”, he said.
