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Indian Overseas Bank to shut 10 offices to improve efficiency

12 Jan 2016 Evaluate

Public sector lender Indian Overseas Bank (IOB) is planning to shut down 10 offices to improve efficiency. The bank is expected to close these branches by 1 March. The bank has 59 regional offices and 7 zonal offices, which provide support and guidance to branches which are undertaking business activities and are required to monitor the performance of branches.

The bank’s gross NPA for the July-September quarter of the current fiscal rose to 11.00%, as compared to 9.35% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 7.41% in Q2FY16.

Peers
Company Name CMP
State Bank Of India 952.80
PNB 114.30
Bank Of Baroda 234.55
Canara Bank 119.00
Union Bank Of India 173.00
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