Indian Bank is likely to open three more branches in Sri Lanka. It has applied to the Reserve Bank of India to open a branch each in Batticaloa, Trincomalee and Hambantota. The bank has already received the permission from the Central Bank of Sri Lanka for these branches.
The bank has opened its first SME branch in the Capital of Sri Lanka. IT has opened its second branch in Sri Lanka in Jaffna in January last year. The other branch is in Colombo. The bank is awaiting regulatory nod for opening a full-fledged branch in Hong Kong and also a representative office in Jakarta.
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.
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.
