Moneycontrol
Last Updated : Jan 08, 2018 11:18 AM IST | Source: CNBC-TV18

Set-off is to facilitate minority investors to read our balance sheet clearly: IOB

In an interview to CNBC-TV18, R Subramaniakumar, MD & CEO of IOB said it is not the write-off; an appropriate term would be to make use of it as a set-off to the negatives and positives in our capital book.

CNBC TV18 @moneycontrolcom

Indian Overseas Bank (IOB) will use reserves and surplus to write-off accumulated loss. This is the first time in the last ten years that a bank is using share premium to write-off losses.

In an interview to CNBC-TV18, R Subramaniakumar, MD & CEO of IOB said it is not the write-off; an appropriate term would be to make use of it as a set-off to the negatives and positives in our capital book.

He further said that our capital adequacy, capital structure and shareholding pattern remain intact.

The set-off is for facilitating the investors especially the minority investors to read our balance sheet clearly. It doesn't affect them in any way, he added.

Watch accompanying video for more details.
First Published on Jan 8, 2018 11:18 am

tags #Business

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