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

Indian Overseas Bank (IOB) has said it will turn around by reporting profits from the second quarter of the 2019-20 financial year. The announcement comes against the backdrop of an increased number of branches reporting profit, a drop in new slippages and a good pace of non-performing asset (NPA) recoveries, among other factors.
 
R Subramaniakumar, MD & CEO of Indian Overseas Bank, who is spearheading the transformation, said that he was confident of the bank exiting from the Reserve Bank of India’s (RBI's) Prompt Corrective Action (PCA) framework and reporting profit by the second quarter of FY20.
 
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