Indian Overseas Bank (IOB) has reported its plans to open about 40 new branches in Andhra Pradesh before end of this year. The bank currently has 240 branches in the state and with the opening of the above branches its total strength would go up to about 280 branches. Out of the total 40 branches, over 10 branches will be opened before March 31, 2014.
The total business of the bank in the state would reach approximately Rs 35,000 crore while the Chennai-based bank is hoping to close the year with a total business of Rs 4.25 lakh crore.
The bank has reported a fall of 16.33% in its net profit at Rs 132.55 crore for the quarter ended September 30, 2013 as compared to Rs 158.43 crore for the same quarter in the previous year. Total income of the bank increased by 8.79% at Rs 5999.75 crore for quarter under review as compared to Rs 5515.02 crore for the quarter ended September 30, 2012.
The total business of the bank in the state would reach approximately Rs 35,000 crore while the Chennai-based bank is hoping to close the year with a total business of Rs 4.25 lakh crore.
The bank has reported a fall of 16.33% in its net profit at Rs 132.55 crore for the quarter ended September 30, 2013 as compared to Rs 158.43 crore for the same quarter in the previous year. Total income of the bank increased by 8.79% at Rs 5999.75 crore for quarter under review as compared to Rs 5515.02 crore for the quarter ended September 30, 2012.
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