Indian Overseas Bank seeks $650 million foreign deposits after raising $300 million
Indian Overseas Bank (IOB) is looking to raise $650 million in foreign currency deposits by September 2026, and it has already pulled in $300 million.
This push is part of a bigger plan to reach $1 billion through nonresident deposits and external commercial borrowing.
According to IOB's Managing Director Ajay Kumar Srivastava, the funds raised so far have not involved leveraging deposits, but it might consider it if needed.
IOB Q1 profit jumps 49.3%
IOB's financial performance has been impressive lately: net profit soared 49.3% in the first quarter compared with last year, thanks to higher operating profit and net interest income.
The bank's gross advances rose 22.8%, while total deposits grew by 13.7%.
Plus, its asset quality is getting better: the gross NPA ratio dropped from 1.97% in June 2025 to 1.33% at the end of June 2026, showing IOB's focus on keeping things healthy as it grows.