IoB appoints Dhanaraj T as Executive Director

Public sector lender Indian Overseas Bank on March 11 appointed Dhanraj T as the Executive Director for a three-year term, effective March 10.

Before this, Dhanraj served as the Chief General Manager (CGM) at Indian Bank. Dhanaraj holds an Agricultural Engineering Degree from Tamil Nadu Agricultural University.

The lender on January 24 reported a net profit of Rs 722 crore for the October-December quarter of 2023-24 an increase of 30 percent from Rs 555 crore clocked a year ago.

The bank's gross non-performing asset (NPA) stood at 3.90 percent, down from 8.19 percent recorded in the same quarter last year. On the other hand, its net NPA for the quarter stood at 0.62 percent, an improvement from 2.43 percent a year ago, while the net interest income stood at Rs 6,176 crore for the quarter compared to Rs 5,056 crore in the corresponding quarter last year. The net interest margin of the bank contracted to 3.12 percent compared to 3.27 percent last year.

Total deposits of the lender stood at Rs 2.78 lakh crore compared to Rs 2.73 lakh crore last year. The current account and savings account (CASA) ratio stood at 43.49 percent against 43.65 percent last year. The bank's advances stood at Rs. 2.16 lakh crore compared to Rs 2.08 lakh crore last year.