State Bank of Travencore’s board of directors has approved the rights issue of the equity shares of the bank for up to Rs 485 crore. However, bank’s board of directors, in its meeting held on March 26 had given an in-principle approval to raise Rs 629 crore from the rights issue.
State Bank of Travancore has reported a fall of 59.20% in its net profit at Rs 55.34 crore for the quarter ended September 30, 2013 as compared to Rs 135.63 crore for the same quarter in the previous year. However, total income of the bank increased by 16.43% at Rs 2566.09 crore for quarter under review as compared to Rs 2203.92 crore for the quarter ended September 30, 2012.
