Indian Bank has received an approval to raise capital by issue of 4.75 crore equity shares of face value of Rs 10 each through Follow-on Issue / Rights Issue / Private Placement / QIP / Preferential Issue, subject to necessary approval from Reserve Bank of India, Government of India, shareholders of the Bank and other regulatory authorities, at appropriate time. The board of directors at its meeting held on March 18, 2017 has approved for the same.
The Bank has posted around eight -fold jump in its net profit at Rs 373.48 crore for third quarter ended December 31, 2016 as compared to Rs 48.48 crore for the quarter ended December 31, 2015. Total income of the Bank increased by 2.53% at Rs 4557.25 crore for Q3FY17 as compared Rs 4444.58 crore for the corresponding quarter previous year.
The Bank’s gross NPA for the October-December quarter of the current fiscal increased to 7.69%, as compared to 5.61% in the same quarter of the previous year. Besides, Bank’s Net NPA stood at 4.76% in Q3FY17.