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IOB gains on aiming to boost advances in retail, MSMEs, corporate and agricultural loans in FY23
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Indian Overseas Bank is currently trading at Rs. 17.05, up by 0.10 points or 0.59% from its previous closing of Rs. 16.95 on the BSE.
The scrip opened at Rs. 16.95 and has touched a high and low of Rs. 17.10 and Rs. 16.90 respectively. So far 12000 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 29.00 on 30-Jun-2021 and a 52 week low of Rs. 15.25 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 17.00 and Rs. 15.25 respectively. The current market cap of the company is Rs. 32039.59 crore.
The promoters holding in the company stood at 96.38%, while Institutions and Non-Institutions held 1.39% and 2.23% respectively.
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.
