Indian Overseas Bank

RBL Bank re-appoints R Subramaniakumar as MD & CEO for a period of 3 years

R Subramaniakumar was initially appointed for a period of three years as MD and CEO of the bank in June 2022

Indian Overseas Bank share price jumps 5% on I-T refund of Rs 1,359 crore

The rise in the Indian Overseas Bank share price came after the company announced that it has received a tax refund from the Income Tax (I-T) Department of Rs 1359,29,17,840 (over Rs 1,359 crore)

UCO Bank, Central Bank rise up to 9% in trade: here's why PSBs are surging

Among others, UCO Bank and Central Bank gained over 9 per cent and over 7 per cent respectively. Indian Overseas Bank shares were up over 6 per cent

Here's why this PSU bank share was up 3% on November 27; details inside

The up move in Indian Overseas Bank scrip came after the company announced that it has received tax refunds of Rs 1,238.31 crore from the Income Tax Department (I-T Department)

Indian Overseas Bank Q2 results: Net profit rises 24% to Rs 777 crore

State-owned Indian Overseas Bank (IOB) on Thursday posted a 24 per cent surge in net profit to Rs 777 crore in the second quarter ended September 2024. The lender had earned a net profit of Rs 625 crore in the same quarter a year ago. Its total income increased to Rs 8,484 crore during the quarter under review against Rs 6,935 crore in the same period last year, IOB said in a regulatory filing. The bank earned an interest income of Rs 6,851 crore during the quarter compared to Rs 5,821 crore in the year-ago period. With regard to asset quality, the bank was able to reduce gross non-performing assets (NPAs) to 2.72 per cent of the gross loans by the end of September 2024 from 4.74 per cent a year ago. Similarly, net NPAs or bad loans came down to 0.47 per cent from 0.68 per cent at the end of the second quarter of the previous fiscal. As a result, provisions for bad loans declined significantly to Rs 71 crore compared to Rs 1,121 crore earmarked in the same quarter of FY24. Provi

Indian Overseas Bank bags Rajbhasha Kirti Puraskar for 2nd consecutive time

Public sector Indian Overseas Bank has secured the Rajbhasha Kirti Pratham Puraskar first prize for the second consecutive year in the Official Language Implementation category for 2023-24 by the Ministry of Home Affairs. The recognition underscores the commitment of the city-headquartered bank in promoting the use of Hindi language and enhancing the implementation of official language policies across its operations. Union Home Minister Amit Shah presented the award to the bank's Managing Director and CEO Ajay Kumar Srivastava in New Delhi at a function to mark the Hindi Day Celebrations and the Diamond Jubilee of Official Languages, a press release from the Bank said. Indian Overseas Bank currently has 3,264 branches, 3,500 ATM network and 7,251 business correspondents. It also offers its service in Singapore, Hong Kong, Thailand and Sri Lanka. The Ministry of Home Affairs introduced the Rajbhasha Kirti Puraskar award scheme to encourage the implementation of the official language

IOB invites EoIs for Rs 1,067 crore bad loans through open offer

ARCs interested in acquiring the bad loans have to complete their due diligence on the accounts by August 12

11 public banks charge Rs 2,331 cr for non-maintenance of minimum balance

For the recovery of this charge from account holders, public sector banks have formulated slab structures based on different geographies and segments

Nifty PSU Bank index surges 3%; PNB soars 7% on strong Q1 results

PSU Banks in focus post Q1 earnings: PNB, BoI, BoB, Uco Bank and IOB rallied over 3% each. SBI, Canara Bank, Union Bank of India, Indian Bank and Central Bank were up 2-3%.

Indian Overseas Bank Q1 results: Net profit rises 26.6% to Rs 633 crore

Public sector Indian Overseas Bank on Monday reported a 26.60 per cent rise in its net profits for the April-June 2024 quarter at Rs 633 crore. The city-headquartered bank had registered a net profit of Rs 500 crore during the corresponding quarter of last year. Total income during the quarter under review grew to Rs 7,568 crore up by 21.54 per cent from Rs 6,227 crore registered in the same quarter of last year. Total business of the bank during the quarter under review grew by 16.04 per cent to Rs 5,28,773 crore from Rs 4,55,664 crore registered in the same period of last year. For the quarter ending June 30, 2024 the Net Interest Margin stood at 3.06 per cent while the Provision Coverage Ratio improved to 96.96 per cent registering an improvement of 293 basis points. The Non-Interest Income grew by 28.64 per cent year-on-year to Rs 1,033 crore in Q1FY'25 as against Rs 803 crore registered in Q1 of last financial year. The interest income grew by 20.48 per cent year-on-year to

NARCL offers Rs 360 crore to acquire Delhi-based Agson Global's bad debt

80 per cent haircut for lenders if offer accepted

Indian Overseas Bank unveils upgradation facility on savings scheme

Public sector Indian Overseas Bank has unveiled a slew of upgradation facilities on savings scheme that offer enhanced features to its customers, a top official has said. The city-headquartered bank said the initiative was in the backdrop of simplifying banking processes by leveraging digital technology providing convenience. To be availed through the bank's website, the higher variants of savings account like "SB Max" and "SB HNI" offer a host of enhanced facilities and features which includes concessions and waiver of various charges providing more value and flexibility solutions to customers. "We are committed to offering a comprehensive self-service model that enhances our customers' banking experience. By leveraging the latest technology, we aim to simplify banking processes and introduce innovative solutions to enhance banking convenience," the bank's Managing Director and CEO Ajay Kumar Srivastava said in a statement on Sunday. In addition to this service, Indian Overseas Ba

Indian Overseas Bank sets up dedicated branch to serve budding startups

Public sector Indian Overseas Bank has set up an exclusive branch to serve startups and budding entrepreneurs in the city. The branch inaugurated by top officials on Thursday would offer a suite of financial products and services. Indian Overseas Bank has planned to open five more startup branches nationwide. Marking the inaugural of the Startup Exclusive Branch, the city-headquartered bank launched 'IOB Startup Current Account' and credit scheme 'IOB Pragati' for financing startups. "Start-ups are the cornerstone of innovation and job creation in our economy. By establishing this dedicated branch, IOB aims to remove financial obstacles and empower entrepreneurs to bring their visions to fruition," the bank's Managing Director and CEO Ajay Kumar Srivastava said. "The launch of this startup branch is a significant milestone in our journey to support the growth of the startup ecosystem," he said. The startup exclusive branch has entered into a memorandum of understanding with severa

Indian Overseas Bank aims to open 88 new branches in FY2024-25, says CEO

Public sector Indian Overseas Bank has drawn up plans to set up 88 new branches across India this financial year, a top official has said. The city-headquartered bank under its expansion drive recently inaugurated a new branch in Nagapattinam and the 126th ATM in neighbouring Puducherry. Indian Overseas Bank Managing Director and CEO Ajay Kumar Srivastava after inaugurating the 3,240th branch of the bank at the Medical College in Nagapattinam highlighted the bank's aggressive plans, a press release said here on Friday. He stated that Indian Overseas Bank aims to open 88 new branches across India this year, with 8 branches targeted specifically in Puducherry, Cuddalore, Nagapattinam and Mayiladuthurai districts to serve the unbanked rural areas. Indian Overseas Bank is committed to introduce innovative banking products to suit customer needs. The bank's total business crossed Rs 5 lakh crore, showcasing substantial growth, the release added.

Indian Overseas Bank Q4 results: Net profit rises 24% to Rs 808 crore

The operating expenses of IOB increased in the quarter under review to Rs 3,281.38 crore, compared to Rs 1,826.58 crore, owing to higher employee-related expenses

Indian Overseas Bank clocks Q4 consolidated PAT of Rs 810.42 cr

Public sector Indian Overseas Bank on Thursday reported a consolidated net profit of Rs 810.42 crore. The city-headquartered bank had recorded a consolidated profit of Rs 655.63 crore during the corresponding quarter of last year. For the year ending March 31, 2024 the consolidated net profit grew to Rs 2,665.66 crore from Rs 2,103.99 crore a year ago. The consolidated total income during the quarter under review went up to Rs 9,112.67 crore from Rs 6,630.57 crore in the same quarter last year. For the year ending March 31, 2024 the consolidated total income soared to Rs 29,730.97 crore as compared to Rs 23,523.42 crore in the same period last financial year.

IOB adopts multi-pronged approach to ensure recovery from NPA accounts

Public sector Indian Overseas Bank has made concerted efforts for a reduction in Non-Performing Accounts and has adopted a multi-pronged approach to ensure a maximum recovery from such accounts. The measures taken by the city-headquartered bank have yielded a decline in Gross NPA to 3.90 per cent as of December 31, 2023, from 11.69 per cent recorded as of March 31, 2021, the bank said in a statement here. To sustain and bolster this momentum, the bank has published a sale notification that pertains to the sale of 92 NPA loans, aggregating to an outstanding due of Rs 13,471.68 crore. "Indian Overseas Bank in its concerted efforts towards reduction of NPA has embraced a multi-pronged approach to ensure maximum recovery in NPA accounts. IOB has diligently implemented timely recovery measures including Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) actions, Compromise Settlement Schemes, and sale to Asset Reconstruction Companies,"

Indian Overseas Bank to open 88 new branches this year: MD Srivastava

Public sector Indian Overseas Bank has drawn up expansion plans to open 88 new branches during the year commemorating the 88th Foundation Day celebrations, a top official said on Saturday. The Chennai-headquartered bank marking the occasion unveiled RuPay Credit Card variants, IOB Freedom Savings and Current Account Variant and Digital Documents Execution for online locker agreements. After paying rich tributes to the late M Ct M Chidambaram Chettiyar, who founded the bank on this day in 1937, the bank's Managing Director Ajay Kumar Srivastava said they plan to open 88 new branches during the year. "This bold expansion initiative underscores the bank's unwavering dedication to offering comprehensive financial services, thereby fostering economic vibrancy and inclusivity in communities spanning the length and breadth of the nation," he said. Meanwhile, Indian Overseas Bank said it has increased the interest rates on Rupees Retail Term Deposits for 444 days by 20 basis points with ..

This bank has zoomed over 90% in 4 weeks; became 2nd most valuable PSB

With a market cap of Rs 1.43 trillion, IOB currently stands ahead of Punjab National Bank (Rs 1.38 trillion) and Bank of Baroda (Rs 1.29 trillion).

IOB Q3 profit rises 30% to Rs 723 cr, expects 13-14% credit growth in FY25

State-run lender's asset quality improves, has 'tight grip' on slippages