Indian Overseas Bank (IOB) said that Partha Pratim Sengupta has demitted office as MD & CEO of the bank on 31 December 2022 being the date of his superannuation.

Meanwhile, the bank also informed that Government of lndia has appointed Sanjay Vinayak Mudaliyar, chief general manager at Bank of Baroda as executive director in IOB for a period of three years with effect from the date of assumption of office on or after 1 January 2023.

Indian Overseas Bank is one of the public sector banks (PSB) in India. As of 30 September 2022, the Government of India held 96.38% in IOB, followed by institutional investors, the public, and others.

The bank's net profit jumped 33.2% to Rs 501.34 crore on a 15% increase in total income to Rs 5,852.45 crore in Q2 FY23 over Q2 FY22.

Shares of Indian Overseas Bank rose 0.93% to Rs 32.40 on the BSE.