Combination of factors enabled Indian Overseas Bank to post Rs 148 crore profit in Q2
NEW DELHI: A combination of increased income, boosted by profits on sale of investments, reduced interest outgo, expenses and provisions, has enabled the Indian Overseas Bank (IOB) to post a net profit of Rs 148 crore for the second quarter of the FY21, its Managing Director and CEO P.P. Sengupta said on Friday. He also […]
Indian Overseas Bank and Bank of Maharashtra cut lending rates
NEW DELHI: State-owned Indian Overseas Bank and Bank of Maharashtra on Wednesday announced a reduction in their marginal cost of funds based lending rate (MCLR). “Our Bank has revised the MCLR w.e.f 10.05.2020 until further review,” Indian Overseas Bank said in a regulatory filing. The Chennai-headquartered lender said the MCLR for the benchmark one-year tenor […]
Indian Overseas Bank looks to raise Rs 850 crore via sale of non-core assets
NEW DELHI: Public sector Indian Overseas Bank on Monday plans to raise about Rs 850 crore during the current financial year through sale of non-core assets to augment capital. In a notification to the BSE, the city-based bank said it plans to raise the amount from sale of properties and investments. “The bank is currently […]