Indian Bank to add 400 branches

Source :BS Reporter / Chennai July 14, 2011, 0:02 IST

Indian Bank plans to add 400 new branches this fiscal, 

adding to the existing network of 2,184 branches.

 It also has six overseas branches in Hong Kong, Singapore,

 South Korea, Sri Lanka and representative offices

 in China, Vietnam, Dubai and Malaysia.

On Monday, the bank's board gave its nod to convert its

 representative office in Vietnam into a branch.

“We are also looking at 14 destinations including Nigeria, 
Africa, Australia and parts of Europe,” said its CMD M Narendra.


 The bank is planning to invest around Rs 50 crore to upgrade its
 branches domestically, he said.

IOB's business grew 35 per cent during the year ended

 March 31, 2011, to Rs 2.59 lakh crore from Rs 1.91 lakh crore 

a year ago. Its net profit rose by 51.71 per cent to Rs 1,073 crore from Rs 707 crore.

According to IOB annual report, it sold 37 NPAs to Asset 
Reconstruction Companies from various regions, 
and these had a book outstanding of Rs 415.03 crore and were
 sold for Rs 265.02 crore.