R ARIVANANTHAM
CHENNAI, OCT 27
Indian Overseas Bank (IOB) on Friday reported a 25 per cent growth in net profit to ₹625 crore during the September quarter due to increase in interest income and improvement in asset quality.
Exciting news from Indian Overseas Bank! We're delighted to share our Q2 of FY 2023-24 financial results, showcasing impressive year-on-year growth in key areas. Stay tuned for the details! #IOBQuarterlyUpdate #Growth2023 #quarterlyresults #IOB #IndianOverseasBank #DFS #RBI… pic.twitter.com/PPtadE6li4
— Indian Overseas Bank (@IOBIndia) October 27, 2023
The state-owned lender had posted a net profit of ₹ 501 crore in the year-ago period, said the bank’s MD & CEO Ajay Kumar Srivastava in a virtual press meet.
- Bank plans to open branch in GIFT City, Gandhinagar, Gujarat
- IOB’s gross NPA ratio improved to 4.74% in the second quarter of this fiscal, from 8.53% in the same period of 2022-23 fiscal
- Gross NPA ratio improved to 4.74 per cent in the second quarter of this fiscal, from 8.53 per cent in the same period of 2022-23 fiscal
IOB’s gross NPA ratio improved to 4.74 per cent in the second quarter of this fiscal, from 8.53 per cent in the same period of 2022-23 fiscal.
Interest income stood at ₹ 5,821 crore for the quarter ended September 30, 2023. Total business improved to ₹ 4.82 lakh crore.
The non-interest income stood at ₹1,114 crore for the year ended September 30, 2023 as against ₹ 1,135 crore for the year that ended September 30, 2022.
As on September 30, 2023, IOB’s gross non-performing assets (GNPA) and net NPA stood at ₹ 9,893.30 crore (₹ 14,726.35 crore) and ₹ 1,364.34 crore (₹ 4,148.60 crore) respectively.
For the period under review IOB had provided ₹ 1,120.50 crore towards NPA up from ₹627.15 crore provided during the previous year corresponding period.
The capital adequacy ratio stood at 17 per cent as on September 30, 2023.
Replying to a query, bank’s MD and CEO Ajay Kumar Srivastava said, “We are pursuing to open a Branch at GIFT City, Gandhinagar, Gujarat soon.”
Sanjay Vinayak Mudaliar, Executive Director said that the bank is doing well on their digital products and two new products are to be launched shortly.
S Srimathy, Executive Director of the Bank also present while the quarterly results were announced on Friday.
