Indian Bank logs Rs 5281.70cr to raise about Rs 7000 crore through equity and bond issues
May 10, 2023: Mumbai, India – Indian Bank has reported a net profit of Rs 5,281.70 crore for the financial year 2022, with a significant increase in the last quarter due to strong loan growth and stable asset quality.
The bank’s total income increased to Rs 30,843.86 crore for the fiscal year, from Rs 26,124.17 crore in the previous year.
To fuel its growth plans and strengthen its capital position, Indian Bank has announced plans to raise approximately Rs 7,000 crore through equity and bond issues.
The bank will issue shares to qualified institutional buyers, raising up to Rs 3,000 crore, and will also raise Rs 4,000 crore through the issuance of Basel III-compliant Additional Tier 1 bonds.
The bank’s Managing Director and CEO, stated that the funds raised through these issuances will help the bank to further improve its asset quality, expand its loan book, and enhance its digital capabilities. She added that Indian Bank is well-positioned to capitalize on the opportunities presented by the country’s growing economy.
The bank’s stock price surged on the back of this news, closing up by 5.8% on the Bombay Stock Exchange.
Analysts have praised Indian Bank’s strong financial performance and strategic decision to raise capital, which is expected to support its future growth and profitability.
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