Indian Overseas Bank Q1 net profit jumps 26.5% y-o-y to ₹632.80 Crore

23 Jul 2024 , 10:38 AM

Indian Overseas Bank (IOB) reported a 26.5% year-on-year increase in net profit to ₹632.8 Crore in the first quarter of 2024-25, up from ₹500.35 Crore in the same period last year. The increase was primarily driven by strong sequential business growth.

The lender’s net interest income (NII) increased by 5.1% to ₹2,441 Crore from ₹2,322.8 Crore in the same period last year.

The Chennai-based bank’s deposits increased by 13% year on year and 4.5% quarter on quarter to ₹2.98 lakh Crore in April-June.

During the review period, the bank’s advances increased by 24.7% on-year and 5.3% sequentially to ₹2.24 Lakh Crore.

In the June 2024 quarter, the bank’s gross non-performing assets (GNPA) decreased by 2% to ₹6,648.7 Crore from ₹6,794.4 Crore in the fourth quarter of the previous fiscal year. The bank’s net NPA fell 5.2% QoQ to ₹1,153.5 Crore, from ₹1,216.9 Crore in Q4FY25.

The provision coverage ratio also increased to 96.96% as of the June quarter, up from 96.85% in the same quarter last fiscal.

Indian Overseas Bank provides banking products and services. It offers loans, credit cards, savings, mobile banking, internet banking, and NRI accounts. The bank’s products include savings accounts, current accounts, retail products, Indian abroad bank cards, term deposits, third-party insurance, term deposits, and online payments. IOB also provides corporate and rural banking services, including micro, small, and medium-sized enterprise schemes and merchant banking.

At around 10.33 AM, Indian Overseas Bank was trading 0.42% higher at ₹65.08, against the previous close of ₹64.81 on NSE. The counter touched an intraday high and low of ₹65.65, and ₹64.60, respectively.

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