Chennai, India: Indian Overseas Bank (IOB) has reported a significant increase in its financial performance for the quarter, with net profit rising by 26.60% to ₹633 crores, compared to ₹500 crores in the same period last year. This robust growth reflects the bank’s strong operational efficiencies and strategic initiatives.
Key financial highlights include:
Operating Profit: Increased by 24.61% to ₹1,676 crores from ₹ 1,345 Crores
Total Business: Surged by 16.04% to ₹5,28,773 crores, with deposits at ₹2,98,681 crores and advances at ₹2,30,092 crores.
CASA (Current Account Savings Account): Improved to ₹1,25,947 crores from ₹ 1,16,694 Crores, stood at 42.17 %.
The bank’s asset quality also showed marked improvement:
Control of Slippage: Reduced to ₹277 Crores Slippage Ratio: Improved by 18 basis points to 0.13%.
Gross Non-Performing Assets (NPA): Declined to 2.89% as against 3.10% in March 2024, 7.13% as of June 2023
Net NPA: Decreased to 0.51% as against 0.57% as in March 2024, 1.44% as of June 2023
Provision Coverage Ratio (PCR): Improved to 96.96%. from 94.03% as of June 2023.
