Indian Bank has received an approval to raise Rs 1,100 crore through Basel-III compliant tier-II bonds. The board of directors at its meeting held on January 19, 2016 has approved for the same. The money will be raised in one or more tranches in the current and following years.
The bank has posted 17.49% rise in its net profit at Rs 369.31 crore for the quarter ended September 30, 2015 as compared to Rs 314.33 crore for the same quarter in the previous year. Total income has increased by 5.49% at Rs 4578.65 crore for quarter under review as compared to Rs 4340.32 crore for the quarter ended September 30, 2014.
The bank’s gross NPA for the July-September quarter of the current fiscal rose to 4.61%, as compared to 4.21% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 2.60% in Q2FY16.