Will sell loans of 53 accounts worth Rs 1,800 crore: IOB

Indian Overseas Bank, which has got the approval to raise funds, has received Rs 1,200 crore from the government.

Even the latest circular from the RBI also states that we should recognise difficult or stressed accounts at the earliest.

M Narendra

Chairman

Indian Overseas Bank

Indian Overseas Bank  (IOB) will be selling bad loans of 53 accounts worth Rs 1,800 crore to asset reconstruction companies in FY14, said its Chairman M Narendra, who is seen among the frontrunners for KC Chakraborty's post as the RBI deputy governor. 

The Asset Reconstruction Company of India (ARCIL) in an interview to CNBC-TV18 on Thursday said that around Rs 42,000 crore loans have already been offered for sale by the banks this fiscal, up 4 times than last financial year.

Narendra said the banks are now encouraged to sell loans to asset reconstruction companies. "Even the latest circular from the RBI also states that we should recognise difficult or stressed accounts at the earliest," he added.

Public-sector Indian Overseas Bank reported a 35.5 percent decline in net profit to Rs 75.07 crore in the third quarter ended December 31, 2013, against a net profit of Rs 116.50 crore in the corresponding period of the previous year.

The bank's NPA (non-performing assets) level shot up to around Rs 9000-crore plus during the quarter as against Rs 8,207 crore in Q2.

Indian Overseas Bank, which has got the approval to raise funds, has received Rs 1,200 crore from the government. The bank in December had said that it was planning to raise funds via rights issue.

IOB stock price

On March 21, 2014, at 14:13 hrs Indian Overseas Bank was quoting at Rs 46.65, up Rs 0.75, or 1.63 percent. The 52-week high of the share was Rs 69.50 and the 52-week low was Rs 37.15.

The company's trailing 12-month (TTM) EPS was at Rs 3.40 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 13.72. The latest book value of the company is Rs 118.62 per share. At current value, the price-to-book value of the company is 0.39.

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