|
IOB plans
to double operating profits
Our Banking Bureau
4 April 2002
 Chennai:
Indian Overseas
Bank (IOB) expects to double its operating profits for the fiscal
ended 2001-02. It is likely to post operating profits of around Rs
600 crore.
 IOB’s performance has
been aided by a reduction of nearly Rs 275 crore in non-performing
assets. Of this, cash recoveries are likely to be of the order of
Rs 190 crore, while the upgradation of accounts will contribute Rs
12 crore.
Bank sources said
business volumes (deposits plus advances) will be in the order of
Rs 48,000 crore. Incremental loans in the last fiscal were in the
order of nearly Rs 2,000 crore, of which nearly Rs 370 crore have
been given to the housing sector alone.
IOB is not complaining about the slow credit off-take. The capital
 adequacy
of the bank was maintained at 10.24 per cent in end March.
Go to the list of reports on Indian Overseas Bank
|
