Indian Overseas Bank (IOB) has announced the cancellation of its Extraordinary General Meeting (EGM) scheduled for November 20, 2025, following the receipt of only one valid nomination for the position of shareholder director. The bank's Nomination and Remuneration Committee has deemed the sole nominee, Shri G. Venkataramanan, fit and proper for the role, effectively electing him to the position.

Key Developments

• EGM Cancellation: The bank has called off the EGM as the election of a shareholder director was the only agenda item.
• E-voting Cancelled: The e-voting process, initially set for November 17-19, 2025, has been cancelled.
• New Shareholder Director: Shri G. Venkataramanan, 60, has been elected as the new Shareholder Director.

Profile of the New Director

Professional Background

Shri G. Venkataramanan brings a wealth of experience to IOB, having spent over three and a half decades in the life insurance industry. His career at Life Insurance Corporation of India (LIC) began in 1989 as a Direct Recruit Officer. Throughout his tenure, he held various significant positions, including:

• Head of Marketing and Customer Relationship Management for the South Zone
• Served at LIC's Corporate Office in the Marketing Department
• Concluded his career as Zonal Manager In-Charge of the South Zone, Chennai, at the rank of Executive Director

Appointment Process

The appointment of Shri G. Venkataramanan aligns with several regulatory requirements:

1. Indian Overseas Bank (Shares and Meetings) Regulations, 2003 (Amended up to 2008)
2. Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970
3. Banking Regulation Act, 1949
4. Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970
5. RBI Master Directions 2019 on 'Fit and Proper' Criteria for Elected Directors on the Boards of PSBs

Implications

This appointment marks a significant change in IOB's board composition. Venkataramanan's extensive experience in the insurance sector, particularly in marketing and customer relationship management, could bring valuable insights to the bank's strategic decisions and customer-centric initiatives.

The smooth election process, despite resulting in the cancellation of the EGM, demonstrates the bank's adherence to regulatory requirements and corporate governance practices. It also ensures continuity in the bank's leadership without the need for a potentially complex election process.

As IOB moves forward with its new shareholder director, stakeholders will be keen to observe how Venkataramanan's expertise might influence the bank's strategies and operations in the coming years.

Indian Overseas Bank (IOB) has reported exceptional financial performance for the quarter ended September 30, with a record-breaking net profit and significant improvements across key metrics. The public sector bank's results demonstrate robust growth in business, enhanced asset quality, and strengthened capital position.

Record-Breaking Profitability and Business Growth

IOB achieved an all-time high net profit of ₹1,226 crores for Q2, marking a substantial 57.79% year-on-year increase from ₹777 crores in the same period last year. This impressive growth in profitability was accompanied by strong business expansion:

The bank's credit growth of 20.78% is particularly noteworthy, significantly outpacing the industry average and reflecting IOB's strong market position.

Improved Asset Quality and Capital Adequacy

IOB reported substantial improvements in asset quality, with both gross and net non-performing asset (NPA) ratios showing significant reductions:

The bank's capital position remains robust, with a capital adequacy ratio of 17.94%, well above the regulatory requirement of 11.5%.

Enhanced Operational Efficiency

IOB's operational performance also showed marked improvements:

• Net Interest Margin (NIM) expanded to 3.21% from 3.08% year-on-year
• Cost-to-income ratio improved to 45.76%

These metrics indicate the bank's ability to generate higher returns on its assets while maintaining cost efficiency.

Expansion Plans and Customer Base

With 3,373 branches serving over 42 million customers across India and international locations, IOB has a significant presence in the banking sector. The management has outlined plans for further expansion:

• Comfortable achievement of 17-18% credit growth against their 12% guidance
• Plans to open approximately 240 new branches

Outlook

Indian Overseas Bank's strong Q2 performance, characterized by record profitability, robust credit growth, and improved asset quality, positions it well in the competitive banking landscape. The bank's expansion plans and focus on operational efficiency suggest a positive outlook for future growth and market presence.

As the banking sector continues to evolve, IOB's strategic initiatives and strong financial metrics indicate its readiness to capitalize on emerging opportunities in the Indian financial market.