Indian Overseas Bank’s Q2 net profit up by 24% y-o-y

18 Oct 2024 , 02:10 PM

Indian Overseas Bank (IOB) announced a 24.4% year-on-year (YoY) increase in net profit to ₹777.2 Crore for the second quarter ending September 30, 2024. In the preceding fiscal quarter, Indian Overseas Bank reported a net profit of ₹624.6 Crore, according to a regulatory filing.

Net interest income (NII), which is the difference between the interest revenue a bank receives from its lending activities and the interest it pays to depositors, increased by 8.2% to ₹2,537.3 Crore from ₹2,345.8 Crore in the same quarter of FY24.

The gross non-performing asset (GNPA) ratio was 2.72% in the September quarter, compared to 2.89% in the June quarter. Net NPA was 0.475%, compared to 0.51% in the previous quarter.

Gross NPA increased to ₹6,249.1 Crore from ₹6,648.7 Crore in the previous quarter, but net NPA decreased to ₹1,059.3 Crore from ₹1,153.5 Crore. Provisions totalled ₹1,146.3 Crore, up from ₹937.9 Crore in the previous quarter and ₹1,044.2 Crore year-on-year. 

The Provision Coverage Ratio (PCR) rose to 97.06%, up 30 basis points from the previous year. The Return on Assets (ROA) was 0.82%, up 7 basis points from the previous year, while the Return on Equity (ROE) grew to 16.90%, up 74 basis points year-on-year.

The total business grew by 12.20% year-on-year to ₹5,40,801 Crore, up from ₹4,82,006 Crore the previous year. Company’s total income increased by 22.34% YoY to ₹8,484 Crore. Interest income increased by 17.69% to ₹6,851 Crore, while non-interest income increased by 46.59% to ₹1,633 Crore.

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