Indian Overseas Bank (NSE: IOB) is a public sector bank headquartered in Chennai, Tamil Nadu, India. It was founded in 1937 and nationalized in 1969. The bank has over 3,000 branches across India and a presence in various countries, including Singapore, Hong Kong, Thailand, and South Korea. IOB offers a wide range of banking services, including retail banking, corporate banking, and international banking.
As of December 2022, IOB reported a total income of INR ₹6,008.07 crores, with a net profit of ₹555.05 crores. IOB has been working on strengthening its balance sheet by focusing on recoveries and reducing non-performing assets (NPAs). The bank’s gross NPA ratio decreased from 10.40% in December 2021 to 8.19% in December 2022, and its net NPA ratio decreased from 2.63% to 2.43% during the same period.
In terms of business segments, IOB’s retail banking segment contributed 43% to the bank’s total advances, followed by corporate banking & treasury at 27% each, and remaining by the Other Banking Operations. As of December 2022, the bank’s CAR stood at 15.16%, down from 15.41% in December 2021.