Credit http://www.indianbank.in/
Set up in 1907, Indian Bank is a medium-sized bank. In 2007, it made its initial public offering, resulting in dilution of GoI's ownership to 80%. GoI's ownership stood at 79.62% as on September 30, 2019. The bank had 2887 branches, including 3 overseas branches (one each in Singapore, Colombo, and Jaffna), as on September 30, 2019.
In fiscal 2019, the bank's profit after tax (PAT) was Rs 322 crore on a total income (net of interest expense) of Rs 8901 crore, against a PAT of Rs 1259 crore and a total income Rs 8669 crore the previous fiscal.
For first half of fiscal 2020, the bank reported profit after tax (PAT) of Rs 723.9 crore on total income (net of interest expenses) of Rs 5080.7 crore as against a PAT of Rs 359.4 crore in total income (net of interest expenses) of Rs 4406 crore recorded same period last year.
In fiscal 2019, the bank's profit after tax (PAT) was Rs 322 crore on a total income (net of interest expense) of Rs 8901 crore, against a PAT of Rs 1259 crore and a total income Rs 8669 crore the previous fiscal.
For first half of fiscal 2020, the bank reported profit after tax (PAT) of Rs 723.9 crore on total income (net of interest expenses) of Rs 5080.7 crore as against a PAT of Rs 359.4 crore in total income (net of interest expenses) of Rs 4406 crore recorded same period last year.
On August 30, 2019, Ministry of Finance announced a set of reforms for public sector banks (PSBs) including consolidation, capital infusion and measures to enhance governance standards. A key announcement was also the amalgamation of 6 PSBs into 4 anchor PSBs. As part of this announcement, it was proposed to amalgamate Allahabad Bank with Indian Bank. In response to the announcement, CRISIL had published a Credit Bulletin on September 5, 2019 conveying that it will continue to closely monitor developments and engage with various stakeholders, and take appropriate rating action thereafter.
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