IOB net surges twofold to ₹350 cr. as income rises
The Hindu
Bank to focus on recovery, says MD
Public sector lender Indian Overseas Bank (IOB) standalone net profit for the fourth quarter ended March increased more than twofold to ₹350 crore on account of a rise in other income and decline cost of deposits. “We have excelled in all the key parameters and have requested the Reserve Bank to remove us from the Prompt Corrective Action,” said P.P. Sengupta, MD & CEO. “Going forward, we will focus on recovery, low-cost deposits and less capital-consuming advances.”
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