IOB business registers 22.4 pc growth

Erode: The total business of Indian Overseas Bank (IOB) has registered a growth of 24.2 per cent in 2011-12, touching Rs 3,21,707 crore, according to a top bank official.

"Certainly within a couple of years our bank will touch a total business of Rs 4 lakh crore through its branches. Last year alone we inaugurated 447 branches, mainly in rural areas", IOB Chairman and Managing Director M Mahendra told reporters here yesterday.

He said deposits had recorded a 22.86 per cent growth at Rs 1,78,434 crore in 2011-12 compared to 2010-2011.

Mahendra said IOB has devoted attention to agriculture sector lending and that it proposed to extend the credit of Rs 500 crore to the farming sector during the bank's Agriculture Investment Credit Campaign.

He said the bank had earned a profit of 3,534 crore in 2011-12 despite global economic recession.

Mahendra said IOB has decided to lend Rs 500 crore more for education loans this fiscal since demand for such loans was high all over India.

He said IOB was also advancing funds liberally for the Industrial sector and repayments are also encouraging.

Mahendra also said 3,500 more employees would be recruited this year.