Public sector lender Indian Overseas Bank on January 24 reported a net profit of Rs 722 crore for the October-December quarter of 2023-24, which marks a 30 percent jump from Rs 555 crore clocked a year ago.
The bank's gross non-performing asset (NPA) stood at 3.90 percent, down from 8.19 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.62 percent, improving from 2.43 percent a year back.
The net interest income of the bank stood at Rs 6,176 crore for the quarter,
compared to Rs 5,056 crore in the corresponding quarter last year. The net interest margin of the bank contracted to 3.12 percent compared to 3.27 percent last year.
Total deposits of the lender stood at Rs 2.78 lakh crore compared to Rs 2.73 lakh crores last year. The current account and savings account (CASA) ratio of the bank stood at 43.49 percent against 43.65 percent last year. The bank's advances stood at Rs. 2.16 lakh crore compared to Rs 2.08 lakh crores last year.
The lender's credit deposit (CD) ratio stood at 77.74 percent compared to 67.99 percent.
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