Indian Overseas Bank (IOB) was founded in 1937 by Shri. M.Ct.M. Chidambaram Chettyar with the main objective of specialising in foreign exchange business in banking and increasing its presence across the globe. It started business simultaneously - at Karaikudi, Chennai and Rangoon in Burma (presently Myanmar), followed by a branch in Penang, Malaysia. IOB had 195 branches in India with aggregate deposits of ₹67.70 Cr and Advances of ₹44.90 Cr on the eve of Nationalisation in 1969. In 1973, the bank formed United Asian Bank Berhad. IOB acquired the Bank of Thailand in 1990. The bank came up with an IPO in 2000 and a Follow-on Public Offer (FPO) in 2003. The bank rolled out debit cards in 2005. During 2011-2012, the number of branches reached 1,000 in Tamil Nadu. IOB launched Bank on Wheels in 13 districts in Tamil Nadu and 1 each in Kerela and Andhra Pradesh in 2019-2020. Allahabad Bank was merged into IOB w.e.f from April 01, 2020. During FY 2023, the bank received the 'Raj Bhasha Kirti Puraskar' award from the Ministry of Home Affairs, Government of India, for FY 2022. In the same year, it received a Certificate of Appreciation for excellent performance in the DSB Lakshya Reloaded 2.0 campaign.

Business Segments

• Domestic Deposits: Under the segment, the bank accepts deposits from the general public across the country.  During FY 2023, the domestic savings bank deposits have grown to ₹97,211 crore from ₹96, 276 crore in FY 2022.
• Domestic Advances: The bank provides loans to retail and other customers. It is focused on the Retail, Agri and MSME sectors to diversify the risk and improve the margins.
• Overseas Operations: IOB provides banking services to overseas customers, satisfying its business objective. It has 5 establishments abroad, including 4 overseas branches and 1 joint venture subsidiary in FY 2023.
• Treasury Operations & Investments: Under this segment, the bank is primarily involved in managing financial assets and liabilities, ensuring sufficient liquidity, etc., like any other bank deals in treasury operations. The bank also provides MSME services under the segment.

Corporate Actions

The bank has no history of corporate actions such as buybacks, bonus issues and stock splits.

Key Personnel

Shri Ajay Kumar Srivastava, Managing Director & CEO Shri Ajay Kumar Srivastava was promoted to MD and CEO of IOB on January 01, 2023, from the position of Executive Director. He commenced his banking career as a Probationary officer (PO) in 1991 with Allahabad Bank. Thereby, he worked in various capacities in different parts of the country.

Management Outlook

• The bank is focused on the digital transformation journey “e-Sankalp” and evolved a future-ready digital strategy. The strategy focuses on digitally driven growth and enriching the fundamental technological capabilities.
• IOB is optimistic about double-digit credit growth on the back of the government's large increase in capex, which may result in overall PSB business growth.

SWOT Analysis

Strengths

• Growing overseas presence.
• Multiple revenue streams.

Weaknesses

• Inadequate customer service.

Opportunities

• Income opportunities in digital banking.
• Rising demand for banking services.

Threats

• Regulatory concerns.
• Intense competition from private banks.