Indian Bank has said that its share holders has approved conversion of Rs 400 crore worth Perpetual Non Cumulative Preference Shares (PNCPS) into equity by issuance and allotment of 3.51 crore shares of Rs 10 each at a conversion price of Rs 114.03 crore
Government of India to convert Perpetual Non-Cumulative Preference Shares (PNCPS), which it is holding in Indian Bank to equity shares, aggregating upto Rs 400 crore. This would enable the Bank to meet the Basel III requirements.
Pubic sector lender Indian Bank Ltd posted a drop of 38.4 per cent in net profit at Rs 305.76 crore for the quarter ended September 30, as against Rs 496.68 crore for the corresponding quarter last financial year.
Public sector lender Indian Bank has posted a decrease of 15.4% in net profit at Rs 292.12 crore for the quarter ended March 31, 2013, as compared to Rs 345.41 crore for the same period of previous fiscal.
Moody’s, the rating agency, on Monday downgraded its Standalone Bank Financial Strength Rating (BFSR) for three public sector banks – Indian Overseas Bank, Syndicate Bank and Oriental Bank of Commerce.
Indian Bank's (INBK) reported PAT for 3QFY13 declined 37% YoY and 33% QoQ to Rs 350 crore (24% below our estimate), led by weak fee income (up 3% YoY on a lower base) and higher provisions (Rs 410 crore; 50% above our estimate).
Indian Bank has dipped 4.4% to Rs 194 in otherwise firm market after reporting 37% year-on-year (yoy)drop in net profit at Rs 331 crore for the third quarter ended December 31, 2012 (Q2) due to higher provisioning for bad loans.
Public sector lender Indian Bank has posted a drop of 37.1% in net profit for the quarter ended December 31, 2012, at Rs 330.58 crore compared to Rs 525.92 crore net profit during the same period of last fiscal, mainly owing to the higher provisioning