IndBank to open 30 more branches

IndBank Merchant Banking Services Limited, the Chennai-based merchant banking subsidiary of Indian Bank, is planning to open 30 branches and 200 terminals over the next 15 to 24 months.

The bank is also planning to invest Rs 18 crore through equity once the market conditions improve.

Meanwhile, IndBank reported a net loss of Rs 0.97 crore during the third quarter ended December 31,2008, as compared with a net profit of Rs 10 crore during the same period last year.

A senior representative of the bank told Business Standard that the recent volatility in the market had resulted in the loss. During the same quarter last year, the company had made a profit of Rs 36 crore from its investments, which has now come down to Rs 6 crore.

IndBank’s trading volumes (in broking) had also come down by 60-70 per cent as compared to the last year level, while its income, which comes mainly through broking, dropped to Rs 0.98 crore from Rs 11.5 crore a year ago.

The representative said the company had so far invested Rs 45 crore and was planning to invest another Rs 18 crore through equity once the market stabilises.

The bank will open a branch each in Tiruchy and Pune in the next few days, taking its tally to 14.

Over the next 15-24 months, it will open 30 new branches and 200 terminals, he said.