Indian Bank plans to add 400 new branches this fiscal, adding to the existing network of 2,184 branches. It also has six overseas branches in Hong Kong, Singapore, South Korea, Sri Lanka and representative offices in China, Vietnam, Dubai and Malaysia.
On Monday, the bank's board gave its nod to convert its representative office in Vietnam into a branch.
“We are also looking at 14 destinations including Nigeria, Africa, Australia and parts of Europe,” said its CMD M Narendra. The bank is planning to invest around Rs 50 crore to upgrade its branches domestically, he said.
IOB's business grew 35 per cent during the year ended March 31, 2011, to Rs 2.59 lakh crore from Rs 1.91 lakh crore a year ago. Its net profit rose by 51.71 per cent to Rs 1,073 crore from Rs 707 crore.
According to IOB annual report, it sold 37 NPAs to Asset Reconstruction Companies from various regions, and these had a book outstanding of Rs 415.03 crore and were sold for Rs 265.02 crore.