Indian Overseas Bank (IOB), a public sector bank, has announced its financial results for the July-September quarter of the current fiscal year.
The bank’s profit increased by 24% during this period, reaching Rs 777 crore, compared to Rs 625 crore in the same quarter last year.
According to a notice to the stock market, IOB’s total income also saw a rise, growing to Rs 8,484 crore from Rs 6,935 crore in the previous year’s same quarter.
The bank’s interest income stood at Rs 6,851 crore, up from Rs 5,821 crore in the same period last year.
Reduction in NPAs and Capital Improvement
IOB showed a significant reduction in its gross Non-Performing Assets (NPA), which dropped to 2.72% of total loans by the end of September 2024, compared to 4.74% a year ago.
The bank’s net NPA also decreased to 0.47%, down from 0.68% in the same quarter last year.
As a result, the bank’s provision for bad loans dropped to Rs 71 crore, down from Rs 1,121 crore in the previous fiscal’s same quarter.
Furthermore, IOB’s capital adequacy ratio improved from 17% to 17.45% during the quarter.
IOB’s Share Performance
Indian Overseas Bank’s share price was recorded at Rs 55.92, closing 2.42% higher than the previous day. During trading, the price reached Rs 56.51.
The share hit its 52-week high of Rs 83.80 in February 2024 and a 52-week low of Rs 36.65 on October 26, 2023.
Regarding shareholding, the promoters hold 96.38% of the bank’s shares, while the public holds 3.62%.