INDIAN OVERSEAS BANK
Indian Overseas Bank (IOB) is a major Indian government owned bank under the ownership of Ministry of Finance, Government of India based in Chennai, India. It has about 3400 domestic branches, about 6 foreign branches and representative offices. It was founded in Feburary,1937 by M. Chidambaram with twin objectives of specialising in foreign exchange business and overseas banking. The bank has achieved various milestones in Indian Banking sector and it was one of the 14 major banks which were taken over to nationalise by the Government of India.
Apart from India, it has presence in Singapore, Hong Kong, Bangkok and Colombo as well as a centre in Serangoon, Singapore. In the year 2000, the bank engaged itself in an IPO that brought the government’s share in the bank’s equity down to 75%. IOB is the first public sector bank to introduce anywhere banking at its 129 branches in four metros, and extending its connectivity to another 100 branches in Hyderabad. It is also the public sector bank in India to introduce mobile banking services using WAP. In the year 2015, they started migration from its in-house CBS platform to Finacle.
The bank has entered into non-life insurance business with Universal Sompo General Insurance (USGI) Company Limited with equity participation of 19% along with Allahabad Bank, Karnataka Bank, and Dabur Investments. They have tie-up with Apollo Munich Health Insurance to provide specialised health and personal accident products to its customers.
Their shareholding pattern consists of: Promoters having 96.34% shares, FIIs having 0.05% shares, DIIs having 1.41% shares, and Public having 2.16% shares.
For the quarter ending 31-03-2021, the Bank earned interest of Rs.6563.92 Cr. and a total income of Rs.6073.80 Cr. against Rs.5786.54 Cr. in the last quarter. Their Profit after tax showed Rs.349.77 Cr. against Rs.212.87 Cr. in the last quarter. The bank’s EPS value is Rs.0.21 against Rs.0.13 in the last quarter. Their net CF from operating activities also showed a positive value against the last quarter. The bank has shown decent growth in this quarter as compared to the last quarter. Their future plans sound promising too.
