The Hindu Business Line : IOB targeting Rs 2,300 crore mobilisation during Jun-July

KOCHI: The Public sector Indian Overseas Bank (IOB) is targeting to mobilise Rs 2,300 crore nationally during June-July this year, a top bank official today said.

To achieve this target, a two month long campaign was launched on June 2, Mr G Chandran, General Manager, IOB said here.

IOB had a total business of Rs 1,45,383 crore as on March 31 this year and recorded 22.6 per cent growth in deposits in 2007-08 to reach Rs 84,325 crore, he said.

The advances grew by 27.4 per cent to reach Rs 61,058 crore during the year. The bank had recorded operating profit of Rs 2,001 crore and net profit of Rs 1,202 crore in 2007-08.

The net NPA on March 31 this year was 0.6 per cent against the previous year's .55 per cent, he said.

The CRAR as per BASEL II framework as on March 31 was 11.13 per cent. The CASA operations for Indian operations were 34.11 per cent. The bank had a vast network of 1853 branches, including six overseas.

Of the 1,847 branches in India, 1,227 have been brought under core banking. In Kerala, the bank has 134 branches and eight extension centres and its total business in the state was Rs 5348 crore as on March 31.

The Ernakulam region has 54 branches and six extension counters and seven ATMs spread in the districts of Alapuzha, Ernakulam, Idukki, Kottayam and Pathnamthitta.

The bank recently launched two new schemes for savings and current account customers-- Gold and Silver savings account, a unique product for all individuals and Classic and Super Current accounts loaded with special benefits for SME, Trust, Society, Club s, Local Bodies, Limited companies and Traders, Mr S Radhakrishnan, Regional Manager, said. - PTI

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