Indian Bank logs Rs 5,281.70 crore net, to raise about Rs 7,000 crore funds

Chennai: Indian Bank closed FY23 with a net profit of Rs 5,281.70 crore and plans to raise about Rs 7,000 crore through equity and bond issues.

The bank board Monday recommended a dividend of Rs. 8.60 per share.

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Indian Bank said it closed FY23 with an after tax profit of Rs 5,281.70 crore (previous fiscal Rs 3,944.82 crore) on a total income of Rs 52,085.27 crore (Rs 45 771.67 crore).

The bank Board has approved a capital raising plan of Rs 7,000 crore – Rs 4,000 crore equity from rights issue and other modes and Rs 3,000 crore as AT 1/Tier-2 capital issuing bonds.

According to the bank, the funds will be raised in one or more tranches during the current or subsequent financial years.

IANS