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

Chennai-based public sector lender, Indian Overseas Bank (IOB), is likely to follow some of its peers and sell its non-core assets worth Rs seven billion this financial year.

The bank has been struggling with a huge non-performing asset base, which has been impacting its bottom line in the recent past.

According to sources, the bank is expected to sell non-core assets that are not in use at present, including commercial and residential properties. The sale, which would be effected through auctions, is likely bring in around Rs 7 billion to its books.

Earlier this week, Bank of India had said it is looking