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Saturday, January 28, 2006

Indian Bank defers IPO

Fully state owned, Chennai-based Indian Bank has deferred its plans to go in for an initial public offering, IPO, reports The Financial Express.

The bank’s Chairman and Managing Director, KC Chakraborty said, “We had applied to the MoF, a proposal to restructure our capital base which is currently at Rs 4,500 crore (Rs 45 billion). Since the application is still pending with the MoF, we have, as of now, dropped our plans to come out with an IPO in this fiscal.”

He also said, “There is a definite upward pressure on interest rates. We had hiked our deposit rates a week ago. Following that, we also plan to raise the rates on short term as well as sub-PLR rates, including retail loan rates. ”

The bank posted a rise of 65.5% in its net profit at Rs 123.2 crore (Rs 1.23 billion) for the Q3 ended December 31, 2005, against Rs 74.4 crore (Rs 744 million) recorded in the corresponding quarter of the preceding fiscal.

Its net interest income improved by 11.78% to Rs 369 crore (Rs 3.69 billion) from Rs 330.2 crore (Rs 3.30 billion).

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