The Hindu Business Line : IOB performance to be impressive, claims its CMD

THE results of the India Overseas Bank for 2004-05, both in terms of net profit and pruning of non-performing assets, would be impressive, according to its Chairman and Managing Director, Mr S.C. Gupta.

The results of the last quarter of the bank are to be placed in the next few days at a meeting of the board members to be held at Hong Kong where they would be participating in the completion of 50 years of functioning of the branch.

The results could be announced in the last week of this month.

Mr Gupta said the bank registered a net profit of Rs 494 crore in the first nine months of the last fiscal whereas the profit 2003-04 was only Rs 513 crore. The gross and net NPAs have been coming down significantly and in the forthcoming balance-sheet, the gross NPA would be less than five per cent. Further, the growth in business volume had touched Rs 70,000 crore mark, he added.

Mr Gupta was in the city to participate in a function organised by the Indian Overseas Bank Officers Association in which a day care centre, constructed from the funds of the association at a school for special children, was dedicated.

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