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In an interview to CNBC-TV18's Sumaira Abidi and Nigel D'Souza, M Narendra, CMD, IOB shared his views on the latest happenings in the company and the road ahead.
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George A Muthoot, MD, Muthoot Finance said the unorganized sector had taken market share away from the organized players after the RBI had capped the LTV at 60 percent last year.
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Speaking to CNBC-TV18, M Narendra, chairman, Indian Overseas Bank says that bank requires Rs 2100 crore capital and with the government giving it Rs 1200 crore, it will need to raise less than Rs 900 crore from QIPs
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Indian Overseas Bank chairman M Narendra says, in an interview on CNBC-TV18, that the bank will lend more to the TNEB after the process of restructuring.
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Rising pile of non-performing assets coupled with low base of equity capital has cramped growth for state-owned Indian Overseas Bank. Not surprisingly, investors have been could-shouldering the stock for a while now. Over the last year, IOB shares shrank nearly 23% as against a rise of about 18% in the Bankex.
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Indian Overseas Bank is likely to see improvement in net interest margin (NIM) in the current quarter as it is repricing its bulk deposits, a top bank official said today.
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Answering a query on slippages, M Narendra, chairman, IOB told CNBC-Tv18 that going forward our slippage will be moderated. “Overall, we will ensure that the slippage will be brought down to the minimum in this immediate quarter and next quarter,†he asserted.
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Escalating bad loans have not yet made a strong case for banks to sell their distressed portfolios to asset reconstruction companies (ARCs). Almost every such company is struggling to get business from banks, whose repeated assurance does not translate into action. The bane of contention is the pricing issue.
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Three banks including ICICI Bank, Punjab National Bank and Bank of Maharashtra (BoM) on Thursday slashed their lending and deposit rates to the tune of 25-10 basis points. Many more banks including State Bank of India, Central Bank of India Corporation Bank, Indian Overseas Bank and IndusInd Bank are likely to follow the suit soon.
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The Reserve Bank of India (RBI) is scheduled to announce annual monetary policy for 2012-13 on April 17, 2012. Bankers expect the central bank to cut cash reserve ratio (CRR).
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In an interview to CNBC-TV18, M Narendra, chairman of Indian Overseas Bank says, Tamil Nadu SEB account has been performing well. “They are servicing their account very well. There is no irregulatory whatsoever in the account,” he adds. He further says, exposure to Tamil Nadu SEB was not restructured.
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Chennai-based Indian Overseas Bank (IOB) aims to check its rising level of non-performing assets that caused its shares to underperform the benchmark BSE-Bankex by a wide margin. In the last one year, IOB shares have fallen 31%, compared to a 3.5% decline in the Bankex.
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The Finance Ministry has given written assurance to Indian Overseas Bank (IOB) that its request for fresh capital infusion will be granted.
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In an interview to CNBC-TV18, M Narendra, chairman of Indian Overseas Bank says, the credit growth will be around 20-22% by the year-end. “After September, the growth rate in credit has been slightly lower because of the economic factors. The industry growth is 18%. We may be around 2% higher than that,” he adds.
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A sluggish credit growth signifies low demand for bank loans. If the Reserve of Bank India cuts the cash reserve ratio (CRR), it will only add to more supply of money into the system. Given the lacklustre loan market, RBI may revise its credit growth projection for FY12, said bankers.
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Immediately after the Reserve Bank of India (RBI) de-regulated savings rate, private sector lender Yes Bank was the first one to hike its savings deposit rate by 200 basis points to 6%. Its peer banks Kotak Mahindra Bank and IndusInd Bank joined the bandwagon in the next two days. So, are you planning to shift your savings account?
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Indian Overseas Bank (IOB) did not spring any positive surprise in the second quarter (July-September) results. Its asset quality remains a concern among market players. However, the new chairman and managing director of the bank seems to be leaving no stone unturned to improve IOB’s performance in the next two quarter.
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If the RBI hikes rates this October 25, we would also have to necessarily translate the interest rate, clarified M Narendra, chairman and managing director of IOB in an interview to CNBC-TV18. However, he feels that inflation number would come down December onwards.
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Public sector Indian Overseas Bank today said it will be raising around Rs 3,500 crore in core tier-I capital over the next three years to fund expansion.
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IOB is set to resume micro finance lending after it saw good recovery of loans from some top micro finance companies or MFIs in April-June quarter. These include SKS Microfinance, the largest MFI and the fourth-largest Kolkata-based Bandhan.
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Public sector Indian Overseas Bank proposes to raise around Rs 1,200 crore this financial year as a part of augmenting its growth plans, the bank Chairman and Managing Director M Narendra said.
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The Reserve Bank of India's (RBI) mid-quarter policy might have led bankers to believe that the regulator would hike key interest rates by another 50-75 basis points in 2011 to tame inflation. In light of this, banks too are bracing up for another round of lending rate hikes, if not deposit rates.
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Two days after the annual credit policy announcement by the Reserve Bank of India (RBI), as many as seven banks raised hiked their lending rates. State-run Allahabad bank and Indian Bank are the latest ones to hike base rate and benchmark prime lending rates (BPLR) on Thursday by 50 basis points each to 10% and 14.25% respectively.
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Chairman of Indian Overseas Bank M Narendra hints towards a 50 bps rise in the base rate. He also says, “On a conservative basis, we are aiming to maintain 3% plus margins in the first half of FY12.” Narendra further says that the bank expects a credit growth rate of a minimum of 25%.
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Will your bank hike lending rates?
"Depends on RBI's monetary policy stance on May 3". That was the stock answer of most bankers to Moneycontrol.com's query on whether they would follow State Bank of India.
