IOBOA backs move to set off accumulated loss against share premium account

IOB will be in a position to declare dividends sooner, with a clean balance sheet

Indian Overseas Bank Officers' Association (IOBOA), the officers' trade union in IOB, has extended support to the management decision of balance sheet management by setting off the accumulated loss with the share premium amount. The move is aimed at giving out a fair, true and clearer picture of bank's balance sheet, which will infuse confidence in the minds of investors, it said.

"The move will also benefit the customer and it is shortening the time limit for dividend declaration by the bank as we are able to see the light at the end of the Tunnel with regard to earning the