Hope to see a turnaround in 2018-19: IOB MD&CEO R Subramaniakumar

Subramaniakumar hopes to sustain profits in subsequent quarters as well

Last two years have been tough for the Chennai-based Indian Overseas Bank (IOB), on account of growing NPAs, increased costs in the wake of an aggressive approach on the expansion front and a sudden migration to the new core banking solution (CBS) platform-- all of which have put a lot of pressure on the several branches of IOB. On top of this, the bank was also put under Reserve Bank of India's (RBI's) Prompt Corrective Action (PCA).

Today, the bank is on the verge of a turnaround and has already addressed major issues prescribed under the PCA. R