Thursday, Jun 1, 2023
English News
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
    • Rewind
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
  • Rewind
Home | Business | Iob Seeks About Rs 1000 Cr Support

IOB seeks about Rs 1,000 cr support

IOB which has posted profit for the last three consecutive quarters, expects to continue the trend in the remaining part of the current fiscal year with focus on recovery and business pick up

By PTI
Published Date - 09:17 PM, Sun - 8 November 20
IOB seeks about Rs 1,000 cr support
whatsapp facebook twitter telegram

New Delhi: Indian Overseas Bank (IOB) has sought a capital support of about Rs 1,000 crore from the government to create buffer for any exigency, a top official of the bank said.

The state-owned lender, which has posted profit for the last three consecutive quarters, expects to continue the trend in the remaining part of the current fiscal year with focus on recovery and business pick up.

For September quarter, the bank posted a profit of Rs 148 crore as compared to a net loss of Rs 2,254 crore in the same period a year ago. Net profit in the quarter grew 22.3 per cent from Rs 121 crore in April-June.

“We expect the trend to continue and book profit quarter after quarter aided by prospects of better recovery,” IOB Managing Director P P Sengupta said.

“We want our profit to strengthen our capital. As a prudent measure, we have sought some capital support, let us see how much we get. We want to keep capital as buffer for any exigency or contingency.”

The accumulated profit of the entire financial year will further boost capital adequacy ratio which is close to 11 per cent at the end of September 2020, he said. In 2019-20, the government made capital infusion of Rs 70,000 crore into PSBs. Of this, IOB got Rs 4,360 crore.

Sengupta further said the bank has approval for raising Rs 5,000 crore from the market but there is no immediate plan.The bank wants to bring down the gross NPA below 10 per cent by March with the help of pick up in advances and recovery, he said.
The Chennai-based lender expects to reduce the NPA by Rs 2,000 crore during the second half of this fiscal year.

During the second quarter, the bank registered a substantial improvement in asset quality as gross non-performing assets (NPAs) plunged to 13.04 per cent of gross advances from 20 per cent at the end of September 2019.

In value terms, gross NPAs or bad loans fell to Rs 17,659.63 crore as against Rs 28,673.95 crore a year ago. Net NPAs reduced to 4.30 per cent (Rs 5,290.60 crore) from 9.84 per cent (Rs 12,507.97 crore) a year ago.

  • Follow Us :
  • Tags
  • capital support
  • crore
  • Government
  • Indian Overseas Bank

Related News

  • Telangana government to provide over 1.17 crore free notebooks to students

    Telangana government to provide over 1.17 crore free notebooks to students

  • Telangana: Cabinet sub-committee seeks recommendations on Yasangi crop season advancement

    Telangana: Cabinet sub-committee seeks recommendations on Yasangi crop season advancement

  • Telangana: Ragi Java to be provided for govt school students from next academic year

    Telangana: Ragi Java to be provided for govt school students from next academic year

  • Telangana: New chief nominated for Fisheries Federation

    Telangana: New chief nominated for Fisheries Federation

  • Mancherial: Strike by panchayat secretaries enters second day

    Mancherial: Strike by panchayat secretaries enters second day

  • Majority marginal farmers don’t want to leave agriculture: Study

    Majority marginal farmers don’t want to leave agriculture: Study

Latest News

  • Opinion: Don’t stress over stress

    26 mins ago
  • Editorial: Repairing the relationship

    40 mins ago
  • WTC final: Mohammed Shami has to step up his game, says Ponting

    41 mins ago
  • Disney Star delivers highest-ever ratings for IPL 2023 playoffs

    45 mins ago
  • Indo-Canadian charged with laundering bitcoin worth over $24 mn in US

    1 hour ago
  • Google to shut 3rd-party Notes, Lists integration on Assistant app

    1 hour ago
  • US urges Sudan’s warring sides to return to cease-fire talks, abide by truce

    1 hour ago
  • Hockey: India beat arch-rivals Pakistan 2-1 to emerge Junior Asia Cup champions

    2 hours ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam