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IOB, Central Bank of India share prices rise 15-20% on privatisation buzz

The two state-run banks might see 51 percent stake sale in the first phase of disinvestment.

November 24, 2021 / 11:25 AM IST
 
 
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Indian Overseas Bank and Central Bank of India share prices rose 15-20 percent in the early trade on November 24 as news report suggests the government has proposed Banking Amendments for Winter Session of Parliament to enable PSB privatisation.
The government plans to privatise Indian Overseas Bank and Central Bank of India. The government has proposed banking amendments for winter session to enable PSB privatisation, reported CNBC-TV18 quoting Sources.

Central Bank of India and Indian Overseas Bank were in focus since the Cabinet Secretary-led panel selected the banks for privatisation.

The two state-run banks might see 51 percent stake sale in the first phase of disinvestment.

Nifty PSU Bank index up over 1 percent led by IOC, Central Bank of India, Bank of Maharashtra.

Indian Overseas Bank (IOB) had posted a more than two-fold jump in net profit for the July-September quarter of this fiscal to Rs 376 crore compared to Rs 148 crore in the year-ago period.

Total income for the quarter ending September stood at Rs 5,376 crore as against Rs 5,431 crore a year ago, the bank said in a regulatory filing.

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On the asset front, the bank witnessed a good performance with the net non-performing assets (NPA) falling to 2.77 percent of the net advances as of September 30, 2021, as against 4.30 per cent a year ago.

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Central Bank of India has reported an over 55 percent jump in net profit at Rs 250 crore for the quarter ended September against profit of Rs 161 crore during the same quarter of the previous fiscal.

However, total income of the bank during July-September period of 2021-22 was down at Rs 6,503.39 crore, as against Rs 6,762.36 crore in the year-ago period, it said in a regulatory filing.

Net interest income rose 5.99 percent to Rs 2,495 crore, as against Rs 2,354 crore earlier.

Net interest margin (NIM) improved from 3.21 percent to 3.36 percent on a year-on-year basis, registering an improvement of 15 basis points, it added.

At 09:31 hrs Indian Overseas Bank was quoting at Rs 22.15, up Rs 2.30, or 11.59 percent and Central Bank of India was quoting at Rs 22.75, up Rs 2.20, or 10.71 percent on the BSE.
Moneycontrol News
first published: Nov 24, 2021 10:53 am

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