IOB to open nine more branches

THIRUVANANTHAPURAM: Indian Overseas Bank, which had opened its first branch in the state in 1940, will add nine more branches in the state, six in semi-urban centres and three in urban centres.   As of now, IOB has 148 branches across the state and 75 ATMs. IOB has also plans to form more self-help groups in the state. This was announced by IOB chairman and managing director M Narendra here on Tuesday.  The bank, in its platinum jubilee year, had recorded a business of Rs 2.59 lakh crore on March 31, 2011, an increase of 35.20 per cent over the last year. As on June 30, the business touched Rs 2.71 lakh crore. The net profit also showed an increase of 51.71 per cent over the last fiscal to reach Rs 1072.54 crore. Narendra said that IOB plans to open 400 new branches across the country, mostly at unbanked and under-banked centres. ‘’With this, the total number of branches would be 2600,’’ Narendra said. The bank also plans to expand its ATMs to 3000 in the shortest possible period, he added. Non-resident Keralites could avail of a new scheme launched by the IOB in collaboration with Western Union. Money from over 200 countries will be transferred to beneficiaries through web-based remittances. Narendra said IOB’s deposits grew by 6.52 per cent against banking system’s 2.69 per cent. The bank’s advances grew by 7.53 per cent against the banking system’s 1.51 per cent.