Indian Overseas Bank
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Description of Indian Overseas Bank
Indian Overseas Bank (IOB) (BSE: 532388) is a major bank based in Chennai (Madras), with more than 2650 domestic branches, 3 extension counters and six branches overseas as of 31.03.2012. Indian Overseas Bank has an ISO certified in-house Information Technology department, which has developed the software that 2650 branches use to provide online banking to customers; the bank has achieved 100% networking status as well as 100% CBS status for its branches. IOB also has a network of about 1433 ATMs all over India and IOB's International VISA Debit Card is accepted at all ATMs belonging to the Cash Tree and NFS networks. IOB offers internet Banking (E-See Banking) &amp; Mobile Banking and is one of the banks that the Govt. of India has approved for online payment of taxes.The bank's business more than doubled in the last four years. The net profit for the year ended March 31,2012 stood at Rs 1,050.13 crore. Total income stood at Rs 19,578.13 crore as against Rs 13,326.56 crore registered during the same period last financial year.For the full year, the total business grew by 24 per cent to Rs 3,21,707 crore from Rs 2,59,020 crore.IOB has planned to achieve total business of Rs 3,85,000 crore to Rs 4,00,000 lakh crore this fiscal.
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