Indian Bank has received an approval for the proposed scheme of amalgamation of Indfund Management, a wholly owned subsidiary of the bank with Indian Bank.
Indian Bank is a mid-sized government bank with over 1,860 branches across India, one branch in Singapore and two in Sri Lanka. It has a particularly strong presence in Tamil Nadu.
The bank‘s net profit for the quarter has moderately rose by 7.05% at Rs 525.93 crore as compared to Rs 491.29 crore for the December quarter of the previous fiscal. The bank’s total income has increased by 32.75% at Rs 3,505.26 crore for the quarter under review from Rs 2,640.58 crore for the December quarter of the previous fiscal.
