Indian Overseas Bank (IOB) is reportedly planning to open 400 more branches during the current financial year. Currently, the bank has 3,059 branches. The bank is also planning to open branches in Bangkok and Dubai. The bank has already received Reserve Bank of India’s (RBI) approval to open a second branch in Bangkok. The bank is focusing on opening more rural branches and taking banking to villages.
Recently, the bank had recruited 4,562 employees and 6,500 more would be recruited depending on the expansion plans. In Andhra Pradesh, the bank has 240 branches and 30 more would be open during the current fiscal.
The bank has reported a fall of 16.33% in its net profit at Rs 132.55 crore for the quarter ended September 30, 2013 as compared to Rs 158.43 crore for the same quarter in the previous year. Total income of the bank increased by 8.79% at Rs 5999.75 crore for quarter under review as compared to Rs 5515.02 crore for the quarter ended September 30, 2012.
