Indian Overseas Bank(IOB) Q2 Net profit up 24%


State-owned Indian Overseas Bank (IOB) on Thursday (October 17) reported a 24.4% year-on-year (YoY) rise in net profit at ₹777.2 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, Indian Overseas Bank posted a net profit of ₹624.6 crore, the bank said in a regulatory filing.


Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 8.2%, coming at ₹2,537.3 crore against ₹2,345.8 crore in the corresponding quarter of FY24.


The gross non-performing asset (GNPA) stood at 2.72% in the September quarter against 2.89% in the June quarter. Net NPA came at 0.475% against 0.51% quarter-on-quarter.


In monetary terms, gross NPA stood at ₹6,249.1 crore against ₹6,648.7 crore quarter-on-quarter, whereas net NPA came at ₹1,059.3 crore against ₹1,153.5 crore quarter-on-quarter. Provisions stood at ₹1,146.3 crore against ₹937.9 crore quarter-on-quarter and ₹1,044.2 crore (YoY). The results came after the close of the market hours.


The Provision Coverage Ratio (PCR) rose to 97.06%, showing a year-on-year increase of 30 basis points. The Return on Assets (ROA) reached 0.82%, up 7 basis points from the previous year, while the Return on Equity (ROE) increased to 16.90%, a rise of 74 basis points year-on-year.


Total business experienced robust year-on-year growth of 12.20%, reaching ₹5,40,801 crore, compared to ₹4,82,006 crore in the previous year. Total income surged by 22.34% year-on-year to ₹8,484 crore, with interest income growing by 17.69% to ₹6,851 crore and non-interest income showing growth of 46.59%, reaching ₹1,633 crore.


The bank's Net Interest Margin (NIM) stood at 3.08%, and the Capital Adequacy Ratio (CRAR) under Basel III remained strong at 17.45%, with a Tier I component of 14.75%.


Additionally, CASA deposits improved by 10.61% year-on-year, totalling ₹1,31,856 crore, resulting in a CASA ratio of 42.44% as of September 30, 2024. The Credit to Deposit (CD) Ratio for the quarter was 74.09%.

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