Chennai: Public sector Indian Bank proposes to raise funds through follow on public offer (FPO) next year, according to a bank official.

A pedestrian walks past a branch of Indian Bank. File photo.

“We are waiting for conducive market conditions. However, it (plans to raise funds) will not be required till 31 March, 2012 as we are comfortable with the present capital", he told reporters here after announcing the bank’s quarterly results.

In May 2011, the bank had said it would file initial papers for its follow-on public offer, after it received an approval from the government to sell 61.4 million shares.

The Chennai-headquartered bank witnessed a 12.7% jump on its net profits for the quarter ending 30 September, 2011 at 468.69 crore as against 415.77 crore registered during the same period of previous year.

On their future plans, he said the bank would come out with new products for its customers by 30 November.

“We are rebranding our savings bank accounts portfolio. It will be divided into two categories. One under one lakh and the other above one lakh category. It will take at least a fortnight to launch...hopefully, by 30 November, we will be launching some products", he said.

The bank as part of expanding its services as planned to open 2,000 branches by 31 March, 2012. Currently, it has about 1900 branches and 1,200 ATMs across the country.