Page 8 - Indian Overseas Bank

IOB to get Rs 4,360 crore from govt, hopes to report profits from March

Karnam Sekar, Managing Director and Chief Executive Officer, IOB, recently said that the bank is expected to come out from prompt corrective action soon

Bank of India, IOB report divergences in bad loans; losses widen for FY19

Bank of India had a fall in its net NPA divergence by Rs 329 crore for 2018-19

IOB reports Rs 2,262-cr divergence in provisioning for bad loans in FY19

The bank had earlier reported NPA provisions of Rs 18,647.23 crore for 2018-19, while the RBI assessment pegged the provisioning at Rs 20,909.23 crore

IOB reports Rs 2,262-cr divergence in provisioning for bad loans in FY19

The bank had earlier reported NPA provisions of Rs 18,647.23 crore for 2018-19, while the RBI assessment pegged the provisioning at Rs 20,909.23 crore

IOB Q2 loss widens to Rs 2,250 crore from Rs 712 crore a year ago

Total income down 6% to Rs 5,024 crore; bad loans shrink

Govt increases authorised capital of Indian Overseas Bank by Rs 5,000 crore

Govt held around 92.52 per cent stake in IOB in the quarter that ended in June 2019.

We hope to come out of PCA this year: Indian Overseas Bank CEO Karnam Sekar

Karnam Sekar, who took over as managing director and chief executive officer of the bank on July 1, is taking measures

IOB hopes to post profit in Q2, come out from PCA this fiscal: MD & CEO

Bank is focusing hard on reducing its net NPAs to achieve this end, will enter one-time settlement with defaulters to pare bad loans

Karnam Sekar takes over as IOB MD and CEO from R Subramaniakumar

Sekar was on Special Duty and has been a whole-time director of the Bank since April 2019

Indian Overseas Bank cuts loss to Rs 1,985 crore, plans to raise funds

The loss is due to increased provisions on NPAs and fraud accounts especially due to back dating of NPAs and one big account declared as fraud

IOB to raise Rs 850 cr selling non-core assets and investments this fiscal

The Bank is currently exploring stake sales in joint venture and other entities to help it raise over Rs 445 crore

IOB's loss making branches down to 157 from peak of 742

The lender has focused Strongly on cost reduction, bank rationalisation and NPA recoveries; today, only 5% of its branches are loss making, compared with a peak of 22%

Indian Overseas Bank eyes turnaround in September quarter of 2019-20

The bank is pinning its hopes on profitability of unit-level branches, reduction in NPA and slippages, improvement in operating profit seen as key reasons

S&P affirms Indian Overseas Bank rating at 'BB', keeps outlook stable

International rating agency S&P Global Monday affirmed credit rating of state-run Indian Overseas Bank (IOB) at 'BB' and 'B' on expectation of government's capital infusion. The lender's outlook has also been kept stable. The bank breached its regulatory capital requirements after a loss in the third quarter of FY19. Its tier-I capital ratio was 6.95 percent below the minimum regulatory requirement of 7 percent. It's capital shortfall to meet that regulatory minimum was about Rs 62.5 crore as of December 31, 2018. "We expect IOB to receive substantial capital from the government before the end of this fiscal year in March 2019 to materially improve the bank's headroom above the regulatory minimum tier-I capital ratio of 7 percent," the rating agency said in a note. The bank's capital position improved in Q4 of FY19 through an employee stock purchase scheme (ESPS) and sale of non-core assets for which it has received initial payment. The agency said any lengthy delay

IOB Q3 loss narrows by 64% to Rs 346 cr, income up 12% to Rs 5,689 cr

Recoveries during the quarter surpass slippages; Provision coverage ratio improves to 64.23% in reporting quarter from 57.83% a year ago

After 4 years, NPA-laden IOB expects to be back in the black in FY20

IOB may exit RBI's Prompt Corrective Action framework by 2019-20

IOB seeks shareholders' approval to issue preferential shares to govt

These preferential shares, including share premium, would aggregate to Rs 21.57 billion

IOB to follow PSU peers, sell non-core assets worth Rs 7 bn

In January the bank had set off accumulated losses with share premium amount, in an effort to spruce its balance sheet

IOB looks at profit in Q4 FY19, NCLT recoveries to help improve profile

Indian Overseas Bank is currently under the Reserve Bank of India's Prompt Corrective Action framework

Govt's stake in IOB to increase by 7.49% after Rs 46.94-bn capital infusion

Government of India's stake in the Indian Overseas Bank (IOB) to increase by 7.49 per cent after it infuses Rs 46.94 billion as part of its recapitalisation programme.In January, the Government has said it will recapitalise Public Sector Banks including Rs 800 billion through Recap Bonds and Rs 81.39 billion as budgetary support for 2018.As the announcement, Rs 46.94 billion is allocated to IOB through Recap Bonds as well as budgetary support for 2017-18 by way of preferential allotment of equity shares in favour of GOI. Out of this, Rs 41.32 billion will be through Recap Bonds.The Bank has said that post the infusion, Government's stake will increase by 7.49 per cent to 89.90 from 82.41 per cent currently.IOB said that, with a view to comply with BASEL III requirements relating to capital adequacy, there is an ever increasing need to raise capital. GOI proposes to infuse additional equity capital into the Bank as part of its commitment to strengthen the government owned financial ...