Net Loss of Indian Overseas Bank reported to Rs 1985.16 crore in the quarter ended March 2019 as against net loss of Rs 3606.73 crore during the previous quarter ended March 2018. Total Operating Income declined 5.61% to Rs 4556.50 crore in the quarter ended March 2019 as against Rs 4827.55 crore during the previous quarter ended March 2018.

For the full year,net loss reported to Rs 3737.88 crore in the year ended March 2019 as against net loss of Rs 6299.49 crore during the previous year ended March 2018. Total Operating Income declined 1.58% to Rs 17631.26 crore in the year ended March 2019 as against Rs 17915.21 crore during the previous year ended March 2018.

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Toshore up capital, the Indian Overseas Bank is looking at all avenues to improve its capital position and has been actively pursuing monetization of its non-core assets. The Bank has identified 32 properties for sale including prime properties in Singapore and Hong Kong aggregating in value to Rs.900 crore.During 2018-19, the Bank has sold 6 properties ie. 1 domestic and 5 verseas properties for a value aggregating Rs.129crore which has helped in accretion to capital. It has initiated the process for sales of the remaining 26 properties valued at about Rs. 775 crore and is engaging various stakeholders for expediting sale and to derive maximum value in the process.

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Indian Overseas Bank will hold a meeting of the Board of Directors of the Company on 9 May 2019.

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Indian Overseas Bank announced the appointment of ShriKarnam Sekar, as MD & CEO, Indian Overseas Bank (IOB), with effect from1 July 2019and as an Officer on Special Duty and Whole Time Director in IOB, on supernumerary basis, from 01 April 2019 till the time of taking over charge as MD & CEO on 01 July 2019.

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