Business Daily from THE HINDU group of publications
Tuesday, Jul 29, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Jul 29, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Overseas Investments Corporate Results - Public Sector Banks IOB plans bank in Malaysia with 2 PSBs 
Our Bureau Chennai, July 28 Indian Overseas Bank plans to float an overseas bank in Malaysia jointly with Andhra Bank and Bank of Baroda, according to Mr. S.A. Bhat, Chairman and Managing Director, IOB. It will be a special purpose vehicle in which IOB and Andhra Bank are likely to hold up to 30 per cent equity each and Bank of Baroda the rest. The details are being worked out. Malaysian regulations call for a minimum capital of about $ 100 million, which is why the banks have got together to float the special purpose vehicle. It would soon have a presence in Auckland and Dubai. ResultsIOB has reported a 4 per cent drop in net profit for the first quarter ended June 30, 2008. Mr Bhat attributed the drop to operating profit losses booked in the sale of equity, drop in other income due to category transfer of Government securities and the provisioning of over 15 per cent made towards a possible hike in salary following the ongoing wage talks with employee associations. The substantial provisioning for the equity portfolio and the losses booked, and the category transfer in securities accounted for a loss of about Rs 150-160 crore. But the overall performance has improved with the total business growing by about 25 per cent to Rs 1.48 lakh crore (Rs 1.18 lakh crore)in the first quarter; deposits growing 21 per cent to Rs 85,001 crore; and advances growing by 30 per cent to touch Rs 63,419 crore. The gross NPA over one year period has come down from Rs 1,137 crore to Rs 1,099 crore. More Stories on : Overseas Investments | Public Sector Banks
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