South Indian Bank has received its shareholders’ approval to raise Rs 500 crore debt on private placement basis. The company’s members approved the same at the 89th Annual General Meeting with requisite majority.
The Bank reported 6.74% rise in its net profit at Rs 101.47 crore for the quarter ended June 30, 2017, as compared to Rs 95.06 crore for the same quarter in the previous year. Total income of the Bank increased by 5.51% at Rs 1709.97 crore for Q1FY18 as compared Rs 1620.67 crore for the corresponding quarter previous year.