Page 9 - Indian Overseas Bank

Indian Overseas Bank's woes stay despite corrective action for 7 quarters

The Prompt Corrective Action (PCA) plan it was ordered to adopt hasn't yet enabled a turnaround at Chennai-based Indian Overseas Bank (IOB).It was put under the PCR by the Reserve Bank in October 2015 but the government-owned lender continues to report losses in each quarter since, due to the heavy burden of provisioning for loans gone bad. Beside an adverse business climate and the Asset Quality Review ordered by RBI in the second half of 2015-16, with its fallout, uncertainty over appointment of a fulltime chief executive by the government had also hit its performance. R Koteeswaran, full-time managing director and chief executive (MD & CEO), demitted office at end-June 2016. The government appointed R Subramaniakumar as full-time chief only in March 2017. He'd joined IOB as executive director at end-September 2016 on a lateral transfer from Indian Bank. And, was assigned additional responsibility as MD & CEO from November 11, 2016. The higher provision in 2016-17 for ...

IOB seeks investors' nod for QIP of Rs 1,300 crore

Indian Overseas Bank (IOB), which has a big load of loans gone bad or stressed, says it has finalised a turnaround strategy. R Subramaniakumar, who took charge last month as managing director and chief executive, in a letter to the shareholders, said there would a focus on digital transformation and penetration. In the short term, stabilisation of its information technology platform. They were, he said, the first government-owned bank to have migrated to the latest version of Finacle Core Banking, a digital application. IOB also plans to introduce work flow automation. The accent would be on maximising of loan recovery and minimising of fresh slippage. The gross amount of non-performing assets (NPAs) was Rs 30,049 crore at the start of this financial year.A plan to chase NPAs had actually been started in April 2016 itself. Regional heads had been asked to visit NPA loanees at least four days in a week. And, a 15-member Special Recovery Team was formed in each region. A daily recovery .

IOB gets board's nod to raise funds via preferential allotment route

Bank to issue tier-I perpetual bonds of Rs 1,500 cr

NPAs part of biz but these have to be under control: R Subramaniakumar

IOB's gross and net NPAs were the highest during the quarter ended December, at 22.4%

Indian Overseas Bank Q3 loss narrows to Rs 554 cr

Gross NPA of the Bank during the third quarter is at Rs 34,502.13 crore

Indian Overseas Bank suspends its staff who manhandled DU student

'The due process of enquiry will be initiated,' Indian Oversea Bank said

IOB capital infusion: Sebi exempts govt from making open offer

As part of capital infusion into the public sector lender, the government's stake in IOB would increase by more than 5%

Sebi grants exemption to Centre to raise stake in IOB

The decision is to support the decision of GoI to adequately capitalise the Bank to comply with Basel III norms

CBI registers cheating case for defrauding IOB of Rs 41.30 cr

It is alleged that fraudsters have used false financial statements to siphon off sanctioned credit limit and bank guarantee

IOB gets shareholders approval to raise Rs 1,551 crore

The funding will help it to improve capital adequacy ratio above the regulatory minimum of 9.625%

Vacuum at top in IOB

Only one executive director to manage affairs for the bank

IOB to conduct EGM to allot shares worth Rs 1,551 crore to GoI

The central government has recently announced an allocation of Rs 3,101 cr by way of preferential allotment of equity to the bank

IOB posts Q1 net loss of Rs 1,451 cr

Gross NPA grow to 20.48% and net NPA to 13.97%

Indian Overseas Bank goes in recovery mode

The bank has said that Rs 794 crore was recovered in small value NPA accounts and Rs 301 crore from accounts of over Rs 10 lakh and up to Rs 1 crore

Indian Overseas Bank MD & CEO R Koteeswaran demits office

He took over as Managing Director & Chief Executive Officer of the bank on December 31, 2014

IoB posts Rs 936 cr loss in Q4, against Rs 35 cr profit a year ago

Gross NPA as on March 31 cross Rs 30,049 cr; gross NPA ratio at 17.4%

IOB to issue over 90 mn equity shares, raise Rs 261 cr

Stock of public sector lender closed 0.68% lower at Rs 29 apiece on BSE

IOB starts distribution of Indian Gold Coins

Available in denominations, 5, 10 and 20 grams, the coins are distributed through limited branches, IOB said in a statement