Indian Overseas Bank reports over 113% yoy growth in PAT for Q3 FY22, asset quality improves

2 Feb 2022 , 03:35 PM

Indian Overseas Bank Limited announced its results for the quarter ending December 2021 on Wednesday. The bank reported mixed performance in the overall avenues. Its operating profit stood at Rs 1527 crore for the quarter ended December 2021 as against Rs 1731 crore for the previous corresponding quarter, reporting an 11.78% YoY decline.

Its PAT stood at Rs 454 crore for the quarter ended December 2021, as against Rs 213 crore for the previous corresponding quarter, reporting growth of 113.15% YoY. While PAT for the 9M period ended December 2021 registered a growth of 140% YoY at Rs 1157 crore, as against Rs 482 crore for the 9M period ending December 2020.

Total business stood at Rs 492507 crore as of 3lst December 2021 as against Rs.4,58,276 crore as of 3lst December 2020 with an increase of 7.47% YoY.

The company’s total deposits for the quarter witnessed a marginal hike of 5.55% YoY at Rs 2,47,118 crore as against Rs 2,34,116 crore for the same quarter last year.

Its gross advances grew sequentially by 7.90% at Rs 148316 crore for Q3 FY’22 as against Rs 1,37,469 crore for Q3 FY’21.

The bank managed to improve its Gross NPA ratio for Q3 FY’22 at 10.40% against 12.19% for Q3 FY’21. Its NPA ratio for the current quarter stood at 2.63% against 3.13%, improving slightly.

Bank’s CASA improved to 42.53% as of December 2021 against the existing 40.93% for December 2020 quarter. Total CASA grew by 9.68% YoY at Rs 105,105 crore for Q3 FY’22 against Rs 95,830 crore for Q3 FY’21.

Indian Overseas Bank closed at Rs21.70 up by Rs0.90 or 4.33% from its previous closing of Rs20.80 on the BSE.