The number of loss-incurring branches (LIB) of Indian Overseas Bank (IOB) has come down in the last four years from 742 to 157.
“The objective is to make all the business units as standalone profit centres. This had been achieved by branch rationalisation and containing administrative expenses, among others,”A.K. Srivastava, executive director, IOB. said. The lender had 742 LIBs during March 2015. It was further scaled down to 718 in March 2016 and to 157 in March 2019.
“The percentage of LIBs has drastically reduced from 22% of total branches in 2015 to less than 5% in March 19,” he said.