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Indian Overseas Bank is set to raise INR 4,000 crore from the capital market this quarter, backed by Board approval. The funds will be mobilized through Qualified Institutional Placements, with the government's stake expected to dilute by 4 per cent. The bank's growth has exceeded earlier projections, achieving 24 per cent growth compared to the initial 13-14 per cent target. Its third-quarter net profit soared 56.2 per cent to INR 1,365 crore, supported by lower bad loans and stronger core business. Total income and business volumes also rose significantly, reflecting a robust performance.
Chennai-based Indian Overseas Bank (IOB) is preparing to enter the capital market to raise INR 4,000 crore during the current quarter, according to top officials. The bank's Board has already approved this fundraising for the financial year, Managing Director and CEO Ajay Kumar Srivastava said. Advertisement
He mentioned that the capital raise could happen next month or in March, depending on prevailing market conditions. The funds will be raised through Qualified Institutional Placements (QIP). Srivastava also noted that the government's stake in the bank would reduce by around 4 per cent following this fundraising.
On the bank's performance, he stated that IOB has surpassed its initial growth guidance for the current financial year. While the earlier projection indicated growth of 13-14 per cent, the bank has achieved a 24 per cent increase so far.
For the third quarter ending December 2025, Indian Overseas Bank reported a net profit of INR 1,365 crore, a jump of 56.2 per cent compared to INR 874 crore in the same period the previous year. The improvement was driven by a reduction in bad loans and strengthening of core business operations.
Total income for the quarter rose to INR 9,672 crore from INR 8,409 crore in the corresponding period last year. The bank's total business increased by 18.7 per cent, reaching INR 6.44 lakh crore compared to INR 5.42 lakh crore at the end of the same quarter last year.
Source PTI
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