Indian Overseas Bank plans to raise Rs 1,000 cr via QIP to sustain growth

During the quarter under review, the bank's total income dipped to Rs 5,028 crore as against Rs 5,607 crore during the April to June quarter of 2021-22

State-run Indian Overseas Bank (IOB) has said that it will be raising around Rs 1,000 crore through qualified institutional placements (QIP) to sustain business growth.  

The bank has posted a 20 per cent rise in net profit for the first quarter of the current financial year to Rs 392 crore, compared with Rs 327 crore in the April-June quarter of 2021-22, owing to a dip in bad loans.  

“The bank board has already decided to raise around Rs 1,000 crore under CET (common equity tier). I think this will make our position comfortable for the next one-and-a-half years,” said Partha