Mangalore, September 10, 2011: Speaking on the occasion of the Meet the Press event held by Indian Overseas Bank (IOB) today, Chairman and MD of IOB M. Narendra said that the IOB, which is now 75 years old, has crossed a business level of Rs. 2,59,000 crore as of March 31, 2011, recording a 35.20 percent growth over the previous year. The net profit has also increased 51.71 percent over the previous year while the global business level has touched the Rs. 2,76,316 crore mark as of September 8, 2011.
Further, he said that the banks growth, deposits, and advances are above the current banking system. Between March 25 and Aug 12, the system’s deposits rose by 5.51 percent while IOB’s deposits grew by 9.68 percent. During the same period, the system’s advances rose by 2.68 percent while IOB’s advances rose by 9.155 percent. He also said that IOB’s market share in deposits and advances grew by 2.64 percent and 2.63 percent, respectively as on September 12, 2011 and by 2.54 percent and 2.48 percent, respectively as on March 25, 2011.
IOB celebrated its platinum jubilee grandly on Feb 10, 2011. A grand ceremony was held in New Delhi, over which Shri Namo Narain Meena and S. S. Palanimanickam, the ministers of state of finance, presided.
Mr. Narendra said that the bank has launched a new student card, the Bhoomi Laxmi plan to help people purchase agricultural land, MSME Plus loans for medium and small enterprises, NRI Plus Deposit, IOB Sagarlakshmi for the benefit of fisherwomen, and Bhoomi Shakti for women farmers.
All the 1235 villages assigned to the bank, which are spread across 19 states and 2 union territories, have been covered under financial inclusion. The bank has hired 1142 correspondents.
The bank won the Skoch Award for its concept of last mile banking, which enabled it to take banking services to the hamlets of the Kaanni Tribe in Papanasam, Tamil Nadu.
IOB has been voted the best public sector bank under the micro credit financing category for Dun and Bradstreet Polaris Software Banking Awards 2011.
The bank has 52 ATMs all over the state, of which 11 are in Mangalore. The bank plans to launch 19 new branches in certain regions of the state soon and has applied for 36 licenses in Karnataka. If these new branches are open, IOB will have 164 branches in the state.
M. Narendra honored P. B. Harish Rai, the president of the Working Journalists’ Union, and Anand Shetty, the president of Press Club, on this occasion.