Page 3 - Indian Overseas Bank

NARCL offers Rs 360 crore to acquire Delhi-based Agson Global's bad debt

80 per cent haircut for lenders if offer accepted

Indian Overseas Bank unveils upgradation facility on savings scheme

Public sector Indian Overseas Bank has unveiled a slew of upgradation facilities on savings scheme that offer enhanced features to its customers, a top official has said. The city-headquartered bank said the initiative was in the backdrop of simplifying banking processes by leveraging digital technology providing convenience. To be availed through the bank's website, the higher variants of savings account like "SB Max" and "SB HNI" offer a host of enhanced facilities and features which includes concessions and waiver of various charges providing more value and flexibility solutions to customers. "We are committed to offering a comprehensive self-service model that enhances our customers' banking experience. By leveraging the latest technology, we aim to simplify banking processes and introduce innovative solutions to enhance banking convenience," the bank's Managing Director and CEO Ajay Kumar Srivastava said in a statement on Sunday. In addition to this service, Indian Overseas Ba

Indian Overseas Bank sets up dedicated branch to serve budding startups

Public sector Indian Overseas Bank has set up an exclusive branch to serve startups and budding entrepreneurs in the city. The branch inaugurated by top officials on Thursday would offer a suite of financial products and services. Indian Overseas Bank has planned to open five more startup branches nationwide. Marking the inaugural of the Startup Exclusive Branch, the city-headquartered bank launched 'IOB Startup Current Account' and credit scheme 'IOB Pragati' for financing startups. "Start-ups are the cornerstone of innovation and job creation in our economy. By establishing this dedicated branch, IOB aims to remove financial obstacles and empower entrepreneurs to bring their visions to fruition," the bank's Managing Director and CEO Ajay Kumar Srivastava said. "The launch of this startup branch is a significant milestone in our journey to support the growth of the startup ecosystem," he said. The startup exclusive branch has entered into a memorandum of understanding with severa

Indian Overseas Bank aims to open 88 new branches in FY2024-25, says CEO

Public sector Indian Overseas Bank has drawn up plans to set up 88 new branches across India this financial year, a top official has said. The city-headquartered bank under its expansion drive recently inaugurated a new branch in Nagapattinam and the 126th ATM in neighbouring Puducherry. Indian Overseas Bank Managing Director and CEO Ajay Kumar Srivastava after inaugurating the 3,240th branch of the bank at the Medical College in Nagapattinam highlighted the bank's aggressive plans, a press release said here on Friday. He stated that Indian Overseas Bank aims to open 88 new branches across India this year, with 8 branches targeted specifically in Puducherry, Cuddalore, Nagapattinam and Mayiladuthurai districts to serve the unbanked rural areas. Indian Overseas Bank is committed to introduce innovative banking products to suit customer needs. The bank's total business crossed Rs 5 lakh crore, showcasing substantial growth, the release added.

Indian Overseas Bank Q4 results: Net profit rises 24% to Rs 808 crore

The operating expenses of IOB increased in the quarter under review to Rs 3,281.38 crore, compared to Rs 1,826.58 crore, owing to higher employee-related expenses

Indian Overseas Bank clocks Q4 consolidated PAT of Rs 810.42 cr

Public sector Indian Overseas Bank on Thursday reported a consolidated net profit of Rs 810.42 crore. The city-headquartered bank had recorded a consolidated profit of Rs 655.63 crore during the corresponding quarter of last year. For the year ending March 31, 2024 the consolidated net profit grew to Rs 2,665.66 crore from Rs 2,103.99 crore a year ago. The consolidated total income during the quarter under review went up to Rs 9,112.67 crore from Rs 6,630.57 crore in the same quarter last year. For the year ending March 31, 2024 the consolidated total income soared to Rs 29,730.97 crore as compared to Rs 23,523.42 crore in the same period last financial year.

IOB adopts multi-pronged approach to ensure recovery from NPA accounts

Public sector Indian Overseas Bank has made concerted efforts for a reduction in Non-Performing Accounts and has adopted a multi-pronged approach to ensure a maximum recovery from such accounts. The measures taken by the city-headquartered bank have yielded a decline in Gross NPA to 3.90 per cent as of December 31, 2023, from 11.69 per cent recorded as of March 31, 2021, the bank said in a statement here. To sustain and bolster this momentum, the bank has published a sale notification that pertains to the sale of 92 NPA loans, aggregating to an outstanding due of Rs 13,471.68 crore. "Indian Overseas Bank in its concerted efforts towards reduction of NPA has embraced a multi-pronged approach to ensure maximum recovery in NPA accounts. IOB has diligently implemented timely recovery measures including Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) actions, Compromise Settlement Schemes, and sale to Asset Reconstruction Companies,"

Indian Overseas Bank to open 88 new branches this year: MD Srivastava

Public sector Indian Overseas Bank has drawn up expansion plans to open 88 new branches during the year commemorating the 88th Foundation Day celebrations, a top official said on Saturday. The Chennai-headquartered bank marking the occasion unveiled RuPay Credit Card variants, IOB Freedom Savings and Current Account Variant and Digital Documents Execution for online locker agreements. After paying rich tributes to the late M Ct M Chidambaram Chettiyar, who founded the bank on this day in 1937, the bank's Managing Director Ajay Kumar Srivastava said they plan to open 88 new branches during the year. "This bold expansion initiative underscores the bank's unwavering dedication to offering comprehensive financial services, thereby fostering economic vibrancy and inclusivity in communities spanning the length and breadth of the nation," he said. Meanwhile, Indian Overseas Bank said it has increased the interest rates on Rupees Retail Term Deposits for 444 days by 20 basis points with ..

This bank has zoomed over 90% in 4 weeks; became 2nd most valuable PSB

With a market cap of Rs 1.43 trillion, IOB currently stands ahead of Punjab National Bank (Rs 1.38 trillion) and Bank of Baroda (Rs 1.29 trillion).

IOB Q3 profit rises 30% to Rs 723 cr, expects 13-14% credit growth in FY25

State-run lender's asset quality improves, has 'tight grip' on slippages

IOB Q3 profit jumps 30% to Rs 723 cr on improvement in core income

State-owned Indian Overseas Bank (IOB) on Wednesday reported 30 per cent rise in net profit at Rs 723 crore for December quarter 2023-24, on the back of improvement in core income and reduction in bad loans. The Chennai-based lender had earned a net profit of Rs 555 crore in the same quarter a year ago. Operating profit of the bank improved to Rs 1,780 crore as against Rs 1,540 crore in December 2022. Total income increased to Rs 7,437 crore during the quarter under review from Rs 6,006 crore in the same period last year, IOB said in a regulatory filing. Interest income also rose to Rs 6,176 crore over Rs 5,056 crore for the quarter ended December 2022. During the quarter, the bank had done total cash recovery of Rs 327 crore as against Rs 460 crore in the third quarter of the previous fiscal. On the asset quality front, the bank's gross Non-Performing Assets (NPAs) declined to 3.90 per cent of gross loans by the end of December 2023 from 8.19 per cent a year ago. Similarly, net

Insurance should not be misused for unfair gains

The National Commission observed that Aryan Exports' recovery of US $59,180 exceeded the consignment's value and concluded that further claims would amount to unjust enrichment

RBI slaps penalties totalling Rs 10.34 cr on Citibank, BoB, and IOB

The Reserve Bank on Friday imposed penalties totalling Rs 10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for contravention of various regulatory norms. The highest penalty of Rs 5 crore has been imposed on Citibank NA for non-compliance of norms related to depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services, the RBI said in a statement. A fine of Rs 4.34 core was imposed on the state-owned Bank of Baroda for violation of certain directions related to the creation of a central repository of large common exposures, and others, another release said. Chennai-based public sector lender Indian Overseas Bank was slapped with a Rs 1 crore fine for contravention of directions concerning loans and advances. In all three cases, the Reserve Bank of India said, penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks

6 Indian banks win UK HC challenge over unpaid loans by Singapore's GVK

Six Indian banks pursuing unpaid loans amounting to an estimated USD 2 billion, including interest accrued, from GVK Coal Developers (Singapore) Pte Ltd and associated companies have won their legal challenge in the London High Court. Judge Dame Clare Moulder presided over the trial last month at the Commercial Court division to hear the case brought by the Bank of Baroda and others and in an approved judgment dated October 19 concluded the banks made out their case to the requisite standard. The banks were represented by international law firm Reed Smith, who instructed barrister Karishma Vora of 39 Essex Chambers London to argue the matter. We are delighted to have secured such a resounding and landmark victory for our Indian banking clients in a matter of such commercial significance, said Vora and Reed Smith's Gautam Bhattacharyya in a joint statement. It is an honour to be representing a syndicate of Indian banks that are synonymous with credibility and faith for the people of

Indian Overseas Bank Q2 results: Net profit rises 25% to Rs 627 crore

During the period under review, the bank's total income rose 19 per cent to Rs 6,941.5 crore compared to Rs 5,854 crore during the same quarter last fiscal

Indian Overseas Bank net profit rises 25% to Rs 625 cr in Sept quarter

Indian Overseas Bank (IOB) on Friday reported a 25 per cent growth in net profit to Rs 625 crore during the September quarter. The state-owned lender had posted a net profit of Rs 501 crore in the year-ago period. IOB's gross NPA ratio improved to 4.74 per cent in the second quarter of this fiscal, from 8.53 per cent in the same period of 2022-23 fiscal. Interest income stood at Rs 5,821 crore for the quarter ended September 30, 2023. Total business improved to Rs 4.82 lakh crore. Shares of IOB were trading 4.74 per cent higher at Rs 40.22 apiece on the BSE.

Stock of this PSB has nearly doubled in 2 months; m-cap nears Rs 1 trillion

The stock of the public sector bank (PSB) touched Rs 51, its highest level since March 2015, on improved operating performance

PSB shares rally; IOB, PSB, Central Bank, Uco Bank surge over 40% in 4 days

Nifty PSU Bank index hit a new high today, and was the top gainer among sectoral indices, up nearly 4 per cent

The M&M-RBL Bank saga

Why M&M has invested in RBL Bank and what does the bank look like

Indian Overseas Bank soars 15% as Care Ratings assigns 'A1+' rating to CoD

The rating for Rs 10,000-crore certificate of deposits (CoD) factors-in the long track record of operations, comfortable capitalisation levels, diversified advances book and deposit base