Iob Targets Rs 8000 Crore Turnover

Indian Overseas Bank (IOB) is targetting to add Rs 8000 crore business and generate an operating profit of Rs 550 crore for the current fiscal.

The bank had registered Rs 42000 crore business and posted a net profit of Rs 115 crore for the year ended March.

"We are targetting to reduce the gross non performing assets by Rs 250 crore in the current financial year which were at 11.81 per cent of the total advances as on March," S C Gupta, chairman and managing director of IOB, said here on Saturday.

The bank is also trying to bring down its cost of deposits from about 7.44 per cent on March to 7.25 per cent by end of the year.

"We are planning to accomplish this by increasing the deposits under savings bank and current accounts," Gupta said.

Between June and September of the current year, the bank mobilised Rs 500 crore through savings accounts. Under the one time settlement scheme, the bank has so far received Rs 42 crore from the borrowers against Rs 115 crore amount agreed for settlement.