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| Indian Overseas Bank |
Financial Express Wednesday, February 16, 2000IOB's mega foray into e-comm
Indian Overseas Bank has drawn plans for a major foray into e-commerce and has recently appointed a consultant to develop a comprehensive e-commerce strategy which will benefit its customers. Vendor developed packages are being examined. The services are likely to range from routine payments like telephone bills, electricity bills and insurance premia to payments for vendors for goods supplied or services rendered. Wednesday, May 31, 2000 IOB net slips 27% to Rs 40.34 crore Indian Overseas Bank's net profit has declined by 27.1 per cent to Rs 40.34 crore for the year ended March 2000 as against a net profit of Rs 55.34 crore during the previous fiscal. Higher provisions against the bank's loan portfolio and new provisioning norms in respect of standard advances led to decline in net profit, said the bank's press release. Gross operating profit has grown by 32 per cent to Rs 188.23 crore as against Rs 142.96 crore the previous year. The capital adequacy ratio of the bank was 9.14 per cent against requirement at nine per cent. The global business stood at Rs 35,891 crore at the end of the fiscal compared to Rs 32,032 crore during the previous year. Domestic advances and deposit stood at Rs 10,170 crore and Rs 23,613 crore and have posted a growth of 14.7 per cent and 11.9 per cent respectively. Net investments were higher by 23.6 per cent at Rs 10,079 crore and 91 per cent of the investment portfolio has been marked to market as against the RBI requirement of 75 per cent. The bank's bullion turnover since launch has aggregated Rs 8,273 crore as of March 2000. The bank's priority sector lending stood at 44.9 per cent and agricultural credit exceeded the minimum of 18 per cent.
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