Indian Overseas Bank (IOB) is aiming to boost advances in retail, MSMEs, corporate and agricultural loans during the current fiscal year (FY23), as the lender has substantially brought down the stressed assets on its balance sheet through sustained and targeted efforts.
In the fiscal year ended March 2022, the bank witnessed doubling of its net profit at Rs 1,709 crore, as against Rs 831 crore in the previous fiscal year, as the bank improved on its asset quality through a multi-pronged strategy and focussed recovery initiatives.
Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.
