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M. Ramesh

Mr S.C Gupta

Chennai , April 24

INDIAN Overseas Bank's credit grew by over Rs 5,000 crore in the last financial year, the highest in any year for the bank.

Outstanding advances as at March 31, 2005, exceeded Rs 26,000 crore, the Chairman and Managing Director, Mr S.C. Gupta, told Business Line. Credit expansion was funded through sale of securities, he said.

On profits, all that Mr Gupta would say was the bank's net profit for last year would be higher than in the previous year.

Mr Gupta said that the bank had been able to bring down its net-NPA to less than 1.25 per cent. Cash recovery last year was over Rs 330 crore, against the target of Rs 250 crore. Nearly Rs 40 crore of the recoveries were from written-off accounts, and therefore directly added to the net profit.

Among the major recoveries last year was that of the Ideal Jawa account. The bank received its dues of Rs 19 crore from the erstwhile motorbike manufacturer. Another recovery was a sum of Rs 11 crore from a textile mill in Kanchipuram. However, the Rs 45-crore dues from the Chennai-based Easun group of companies remained elusive.

In its budget for 2005-06, IOB has projected a credit growth of Rs 4,000 crore, deposit growth of Rs 3,500 crore and a NPA recovery of Rs 285 crore.

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