ALSO READIOBOA backs move to set off accumulated loss against share premium account Moody's ups outlook on IOB and Central Bank to positive from stable IOB's Q3 loss almost doubles to Rs 9.7 bn on higher NPA provisioning Use of share premium for write-off to hasten IOB's return as dividend-payer Hope to see a turnaround in 2018-19: IOB MD&CEO R Subramaniakumar
The bank had issued $1 billion MTN in two tranches of $500 million each, of which the first tranche was repaid in October 2016.
IOB had raised these funds for business expansion and lending in the year 2011 and 2012 from its Hong Kong branch for its overseas branches.
It has said that in the last sixteen months, the Bank has been in the process of turning around and has improved its performance on reduction of operating expenditure, increase in Operating Profit, NPA reduction, arresting the asset quality slippage, improvement in provisioning Ratio for impaired credit, increase in CASA base, which is its low cost - no cost deposits etc. The bank has also maintained its business base stable despite adverse market conditions.