The Reserve Bank of India’s Monetary Policy Committee (MPC) has announced a 25 bps reduction in repo rates to 6% from 6.25% and has also shifted its stance from ‘neutral’ to accommodative. With this, it is expected that the home loan rates might go down. So far, home loan borrowers are experiencing a positive year … Read more
State-owned Indian Overseas Bank (IOB) shares climbed as much as 4.7% on Wednesday to Rs 59.50 on BSE after the bank said it has received an order confirming a refund of Rs 1,359.29 crore for the assessment year 2015-16, including interest under Section 244A. “As per the order dated 17.08.2024, the amount refundable to the … Read more
Provisioning for bad loans by banks fell in the September quarter for the second consecutive period based on year-on-year comparison driven by the public sector banks (PSBs). For a sample of 29 publicly listed banks, provisioning for non performing assets (NPA) fell by 2.9% to Rs 27,318.2 crore. For PSBs, it fell by 11.6% to … Read more
State-owned Indian Overseas Bank on Thursday posted a 24% surge in net profit to Rs. 777 crore in the second quarter ended September 2024, due to interest income and onboarding of new customers. The bank had earned a net profit of Rs. 625 crore in the same quarter a year ago. The bank earned an … Read more
MUMBAI – Private banks, which have always been the favourites of institutional investors, lost the spot to public sector banks who are touching the sky riding on retail bulls. So far in 2024, all public sector banks have given double-digit returns to investors. On the contrary, private sector banks have seen single to double-digit fall … Read more
State-owned Indian Overseas Bank‘s (IOB) market capitalization crossed the Rs 1 lakh crore mark for the first time following a 100% rally in the stock over the last six months. In Friday’s trade, the stock rose over 6.5% to hit a 52-week high at Rs 55.5, backed by heavy volumes on the NSE. A total … Read more
Shares of the state-owned Indian Renewable Energy Development Agency (IREDA) climbed 5% to Rs 125.5 in Wednesday’s trade on BSE after the firm announced a partnership with Indian Overseas Bank (IOB) to co-finance renewable energy projects in India. “Indian Renewable Energy Development Agency and Indian Overseas Bank have joined hands by signing a memorandum of … Read more
New Delhi: The government is considering the divestment of 5-10% stake in public sector lenders in which it currently holds over 80% equity. A detailed roadmap is expected to be firmed up soon, said people with knowledge of the matter. Government ownership exceeds 80% in six state-run banks – Bank of India, Indian Overseas Bank, … Read more
91.60 percent gain propelled the state-owned lender to the eighth place in the top 20 Indian banks by market capitalization as of September 30, from rank 14 three months ago. Five other public sector banks rose in the market cap rankings over the previous quarter. Central Bank of India‘s market cap grew 76.59 per cent … Read more
State-run Indian Overseas Bank (IOB) shares shot up nearly 14% on Monday to their 52-week high of Rs 45.15 amid a strong rally in public sector banks. Nifty PSU Bank was the top-performing index in an otherwise dull session. IOB was followed by UCO Bank, which was up nearly 7% around 10 am. It hit … Read more