Indian Bank's Gross Advances Rise 12.7% In June Quarter

Public sector lender Indian Bank's gross advances increased 12.7% on a yearly basis to Rs 5.40 lakh crore in the April–June quarter, according to provisional figures released by the bank on Saturday in its business update.

The bank's total business rose 10.9% year-on-year to Rs 12.21 lakh crore in the quarter-ended June, according to an exchange filing. The company reported total business of Rs 11.01 lakh crore over the same quarter last year.

The bank reported an advance of 9.5% in total deposits at Rs 6.81 lakh crore in the first quarter, as compared with Rs 6.22 lakh crore in the same period last year.

The board of directors of the bank in May had approved a proposal to raise up to Rs 12,000 crore through equity and debt.

Shares of Indian Bank closed 0.47% lower on Friday at Rs 538.90 apiece, as compared to a 0.07% decline in the BSE Sensex.