Page 2 - Indian Overseas Bank
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
IOB Q3 profit jumps 30% to Rs 723 cr on improvement in core income
State-owned Indian Overseas Bank (IOB) on Wednesday reported 30 per cent rise in net profit at Rs 723 crore for December quarter 2023-24, on the back of improvement in core income and reduction in bad loans. The Chennai-based lender had earned a net profit of Rs 555 crore in the same quarter a year ago. Operating profit of the bank improved to Rs 1,780 crore as against Rs 1,540 crore in December 2022. Total income increased to Rs 7,437 crore during the quarter under review from Rs 6,006 crore in the same period last year, IOB said in a regulatory filing. Interest income also rose to Rs 6,176 crore over Rs 5,056 crore for the quarter ended December 2022. During the quarter, the bank had done total cash recovery of Rs 327 crore as against Rs 460 crore in the third quarter of the previous fiscal. On the asset quality front, the bank's gross Non-Performing Assets (NPAs) declined to 3.90 per cent of gross loans by the end of December 2023 from 8.19 per cent a year ago. Similarly, net
Insurance should not be misused for unfair gains
The National Commission observed that Aryan Exports' recovery of US $59,180 exceeded the consignment's value and concluded that further claims would amount to unjust enrichment
RBI slaps penalties totalling Rs 10.34 cr on Citibank, BoB, and IOB
The Reserve Bank on Friday imposed penalties totalling Rs 10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for contravention of various regulatory norms. The highest penalty of Rs 5 crore has been imposed on Citibank NA for non-compliance of norms related to depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services, the RBI said in a statement. A fine of Rs 4.34 core was imposed on the state-owned Bank of Baroda for violation of certain directions related to the creation of a central repository of large common exposures, and others, another release said. Chennai-based public sector lender Indian Overseas Bank was slapped with a Rs 1 crore fine for contravention of directions concerning loans and advances. In all three cases, the Reserve Bank of India said, penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks
6 Indian banks win UK HC challenge over unpaid loans by Singapore's GVK
Six Indian banks pursuing unpaid loans amounting to an estimated USD 2 billion, including interest accrued, from GVK Coal Developers (Singapore) Pte Ltd and associated companies have won their legal challenge in the London High Court. Judge Dame Clare Moulder presided over the trial last month at the Commercial Court division to hear the case brought by the Bank of Baroda and others and in an approved judgment dated October 19 concluded the banks made out their case to the requisite standard. The banks were represented by international law firm Reed Smith, who instructed barrister Karishma Vora of 39 Essex Chambers London to argue the matter. We are delighted to have secured such a resounding and landmark victory for our Indian banking clients in a matter of such commercial significance, said Vora and Reed Smith's Gautam Bhattacharyya in a joint statement. It is an honour to be representing a syndicate of Indian banks that are synonymous with credibility and faith for the people of
Indian Overseas Bank Q2 results: Net profit rises 25% to Rs 627 crore
During the period under review, the bank's total income rose 19 per cent to Rs 6,941.5 crore compared to Rs 5,854 crore during the same quarter last fiscal
Indian Overseas Bank net profit rises 25% to Rs 625 cr in Sept quarter
Indian Overseas Bank (IOB) on Friday reported a 25 per cent growth in net profit to Rs 625 crore during the September quarter. The state-owned lender had posted a net profit of Rs 501 crore in the year-ago period. IOB's gross NPA ratio improved to 4.74 per cent in the second quarter of this fiscal, from 8.53 per cent in the same period of 2022-23 fiscal. Interest income stood at Rs 5,821 crore for the quarter ended September 30, 2023. Total business improved to Rs 4.82 lakh crore. Shares of IOB were trading 4.74 per cent higher at Rs 40.22 apiece on the BSE.
Stock of this PSB has nearly doubled in 2 months; m-cap nears Rs 1 trillion
The stock of the public sector bank (PSB) touched Rs 51, its highest level since March 2015, on improved operating performance
PSB shares rally; IOB, PSB, Central Bank, Uco Bank surge over 40% in 4 days
Nifty PSU Bank index hit a new high today, and was the top gainer among sectoral indices, up nearly 4 per cent
The M&M-RBL Bank saga
Why M&M has invested in RBL Bank and what does the bank look like
Indian Overseas Bank soars 15% as Care Ratings assigns 'A1+' rating to CoD
The rating for Rs 10,000-crore certificate of deposits (CoD) factors-in the long track record of operations, comfortable capitalisation levels, diversified advances book and deposit base
Indian Overseas Bank records 28% rise in Q1 net profit to Rs 504 crore
The Chennai-based bank's total business increased to Rs 4.56 trillion as on June 2023, up from Rs 4.24 trillion in June 2022
Indian Overseas Bank net profit increases 28% to Rs 500 crore in Q1
State-owned Indian Overseas Bank (IOB) on Wednesday posted a 28 per cent increase in net profit at Rs 500 crore in the June quarter, mainly due to a decline in bad loans. The Chennai-based lender had posted a net profit of Rs 392 crore in the year-ago period. The total income in the first quarter of the current fiscal rose to Rs 6,227 crore against Rs 5,028 crore, IOB said in a regulatory filing. The lender's interest income also increased to Rs 5,424 crore from Rs 4,435 crore in the same quarter a year ago. On the asset quality side, the bank witnessed an improvement with the gross Non-Performing Assets (NPAs) easing to 7.13 per cent of the gross advances by June 2023 as against 9.12 per cent a year ago. The net NPA too declined to 1.44 per cent over 2.43 per cent in the same period of the previous financial year. However, provisions for bad loans increased to Rs 809 crore as compared to Rs 133 crore a year ago. Provision Coverage Ratio is improved to 94.03 per cent as on June
Stocks to Watch on Aug 2: HeroMoto, Campus Activewear, Adani Wilmar, Titan
Stocks to Watch today, August 2, 2023: According to reports, Campus Activewear is expected to see a block deal for eight million shares at a price of Rs 295-300 apiece.
Indian Overseas Bank allows customers to use any name as account number
Public sector lender says the scheme is the first of its kind in the banking industry
Stocks to Watch on Monday, June 5: SBI Life, Hero Moto, Bajaj Finserv, NTPC
Stocks to Watch today, June 5, 2023: Brent crude related stocks could see considerable action today as oil prices jumped over 2 per cent overnight, and another 2 per cent Monday morning
