Indian Overseas Bank's profit in September quarter up by 33.2%

7 Nov 2022 , 08:42 AM

Indian Overseas Bank, a public company, reported on Sunday that its second-quarter net profit, which would end on September 30, 2022, increased by 33.2% to Rs501 crore. The bank reported a net profit after tax of Rs376 crore during the same period the previous year.

The net profit after tax increased significantly from Rs703 crore last year to Rs893 crore for the half-year ending September 30, 2022.

The overall revenue for the three months ended September 30, 2022, increased from the Rs5,028 crore recorded as of June 30, 2022, to Rs5,852.45 crore Deposits increased from Rs2,60,045 crore to Rs2,61,728 crore.

According to the bank, the net non-performing assets (NPA) ratio decreased from 2.77% on September 30, 2021, to 2.56% as of September 30, 2022. Gross NPA decreased by Rs43 crore in the reviewed quarter.

Compared to the same quarter last year, the interest income totalled Rs4,717.61 crore as of this quarter. According to the bank, the total cash recovery for the month ending in September 2022 was Rs494 crore as opposed to Rs479 crore recorded in June 2022.

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