Public sector Indian Overseas Bank would focus on maintaining a robust policy framework and establishing various business verticals to reduce non-performing assets, according to a top official of the bank.
The city-headquartered bank would also look at conserving capital and reducing risk burden to protect interest income and meet the provision requirement, Indian Overseas Bank managing director and CEO R Subramaniakumar said in the annual report.
On its plans going forward, he said the bank would look at building brand image and improve 'brand IOB' recall value with improved customer service and enhanced digital-based dispensation.
The total business of the bank stood at Rs 3,74,530 crore as of March 2019 as against Rs 3,67,831 crore as of FY 2018.
Deposits stood at Rs 2,22,534 crore as of March 2019 as against Rs 2,16,832 crore registered the previous year.
Gross advances stood at Rs 1,51,996 crore as of March 2019 as against Rs 1,50,999 crore the same period last fiscal.
The bank has rebalanced its credit portfolio with retail, agriculture and micro, small and medium enterprises share of total domestic advances improving from 66.14 per cent as of March 2018 to 67.20 per cent March 2019.
Net loss of the year ending March 31, 2019 decreased by 40.66 per cent to Rs 3,737.88 crore as against Rs 6,299.49 crore for year ending March 31, 2018 mainly due to provisions of Rs 8,772 crore made during the year.
Gross NPA as on March 31, 2019 was at Rs 333,98 crore with ratio of 21.97 per cent as against Rs 38,180 crore with ratio of 25.28 per cent as on March 31, 2018.
Gross NPA reduced by 331 basis points from 25.28 per cent as of March 2018 to 21.97 per cent as of March 2019.
Net NPA of the bank as on March 31, 2019 was Rs 14,368 crore with ratio of 10.81 per cent while it was Rs 20,400 crore with ratio of 15.33 per cent as on March 31, 2018.
Net NPA was reduced by 275 basis points from 13.56 per cent as at March 2018 to 10.81 per cent as at March 31, 2019.
Subramaniakumar who is set to retire this month said it is with a sense of accomplishment and pride that he looks back on tenure as MD&CEO of the bank as the time to hand over the baton draws near.
"I take this opportunity to thank the members of the board who have generously given their time and expertise, and the government of India and Reserve Bank of India for their valuable support and guidance", he said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)