Indian Overseas Bank plans to write off its losses from reserves

Bank will utilise funds in its share premium account to write off accumulated losses of Rs 69.8 bn at the end of last fiscal year

Indian Overseas Bank (IoB) on Thursday said it planned to write off its losses from reserves. In a notice to exchanges, the bank said its board has approved to “utilise the balance available in the share premium account amounting to Rs 76.5 billion as on March 31, 2017 to write off the accumulated losses aggregating to Rs 69.8 billion as on March 31, 2017 to present a true and fair view of the financial position of the bank and to take the same into account during 2017-18.”

The bank will convene an extraordinary general meeting of shareholders on January 30 for