Indian Overseas Bank(IOB) Q1 net profit rises 49%

 

Aided by robust growth in net interest income and non-interest revenue, Indian Overseas Bank (IOB) stated on Monday that its net profit for the first quarter of FY27 increased by 49.32 percent year over year to ₹1,659 crore from ₹1,111 crore in the same time last year. Net profit increased by 10.23 percent from ₹1,505 crore in Q4 of FY26.

 

The quarter's net interest income (NII) was ₹3,688 crore, up 34.30 percent from the same period last year. This was due to the ongoing moderation in the cost of deposits, which decreased to 4.70 percent from 5.10 percent.

 

Priority sector lending certificate (PSLC) commission increased more than thrice to ₹863 crore, driving a 45.85 percent year-over-year increase in non-interest income to ₹2,160 crore.

Non-interest income has shown a growth of 45.85 per cent, primarily driven by PSLC sales and recovery from technically written-off accounts, in addition to normal non-interest income," said Ajay Kumar Srivastava, Managing Director and CEO of Indian Overseas Bank.

 

The bank's domestic net interest margin (NIM) improved by 31 basis points year-on-year to 3.48 per cent in the June quarter, while global NIM rose by 33 basis points to 3.37 per cent.

 

Total provisions declined 1.18 per cent year-on-year to ₹834 crore from ₹844 crore in Q1 FY26, even as they fell 17.10 per cent sequentially from ₹1,006 crore in Q4 FY26. Of this, NPA provisions dropped sharply by 40.45 per cent year-on-year to ₹106 crore, while other provisions rose 9.31 per cent to ₹728 crore.

Operating expenses rose 68.81 per cent year-on-year to ₹3,155 crore in Q1 FY27, driven largely by an 80.45 per cent jump in staff expenses to ₹2,104 crore. Other expenses grew 49.36 per cent to ₹1,050 crore. The sharp rise in staff costs pushed the cost-to-income ratio up to 53.95 per cent from 44.22 per cent a year earlier.

On asset quality, gross non-performing assets (GNPA) stood at ₹4,292 crore as of June 2026, down 17.11 per cent from ₹5,178 crore a year earlier. Net NPAs fell 27.94 per cent to ₹588 crore from ₹816 crore. The GNPA ratio improved to 1.33 per cent from 1.97 per cent a year ago and 1.42 per cent in the previous quarter. The net NPA ratio stood at 0.18 per cent, compared with 0.32 per cent a year ago and 0.21 per cent in Q4 FY26. The provision coverage ratio (PCR) improved to 97.67 per cent from 97.47 per cent a year earlier.

The bank's capital adequacy ratio (CRAR) stood at 19.36 per cent as of June 2026, compared with 18.28 per cent a year earlier and 19.78 per cent in the preceding quarter.

 

On the business front, global advances stood at ₹3.22 trillion as of June 2026, up 22.75 per cent year-on-year, while total deposits rose 13.72 per cent to ₹3.76 trillion, taking the bank's total business to ₹6.98 trillion, up 17.72 per cent. The retail, agriculture and MSME (RAM) segment continued to gain share, rising to 81.21 per cent of domestic advances from 73.39 per cent a year earlier, with agriculture advances up 46.84 per cent and retail advances up 36.49 per cent year-on-year.

Current and savings account (CASA) deposits grew 6.61 per cent year-on-year to ₹1.54 trillion, though the CASA ratio (as a percentage of total deposits) slipped to 41.05 per cent (global) from 43.78 per cent a year earlier as term deposits grew faster. The credit-deposit ratio rose to 85.63 per cent (global) from 79.33 per cent, up 630 basis points year-on-year.

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Indian Overseas Bank(IOB) Apprentice Vacancy Out

Indian Overseas Bank (IOB) has released the official notification for the recruitment of Apprentices for the financial year 2026-27 under the Apprentices Act, 1961. A total of 750 apprentice vacancies will be filled across various States and Union Territories in India.

IOB Apprentice Recruitment 2026 Important Dates

• Notification Release Date: 06 July 2026
• Online Application Start Date: 07 July 2026
• Last Date to Apply: 20 July 2026 up to 11:59 PM
• Fee Payment Last Date: 22 July 2026
• Examination Date: 02 August 2026

Indian Overseas Bank Apprentice Recruitment 2026 Educational Qualification

Post Name	Qualification
Apprentice	Bachelor’s Degree in Any Stream and Knowledge of the Local Language

IOB Apprentice Recruitment 2026 Vacancy Details

There are a total of 750 vacancies for this recruitment. State-wise vacancies are as follows:

Indian Overseas Bank Apprentice Recruitment 2026 Notification

• Download Notification PDF

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Allahabad highcourt fines Rs.50000 to bank for freezing customer account

 

If a customer's account credit exceeds their claimed income, Channel Banks will freeze their account. Consumers are becoming irate, and the Allahabad High Court heard one such case.

The Allahabad High Court's Lucknow Bench has expressed concern about banks blocking client accounts without good cause. According to the Court, a bank shouldn't act like an investigative body since it functions as a trustee.

Indian Overseas Bank was fined ₹50,000 by a Division Bench consisting of Justices Shekhar B. Saraf and Awadhesh Kumar Chaudhary. A customer's account was locked by the bank without good reason. The bank was mandated by the court to reimburse the account holder for this sum within four weeks.

The lawsuit concerns M/s S.A. Enterprises, a business that sells fish farming equipment. A petition was filed by the business against the bank. According to the suit, on January 16, 2026, RTGS credited ₹23 lakh to the company's account. 

This transaction was viewed as suspicious by the bank, which froze the account. The bank said that the company had only reported an annual income of ₹5.76 lakh at the time the account was opened. The bank blocked the account as a result, invoking the Prevention of Money Laundering Act. The High Court pointed out that no cybercrime report was the reason the account was frozen.

The bank behaved as an investigative agency and took independent action. The Court made it quite plain that banks are not allowed to determine the source of cash on their own. An order from the Central Bureau of Investigation, the Police, or the Enforcement Directorate is required in order to freeze an account.

Additionally, the Court stated that the practice of freezing accounts without a valid justification is concerning. Such acts have the potential to halt corporate operations and harm account holders' reputations.

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Indian Overseas Bank(IOB) Q4 results: Profit rises 43%

State-owned Indian Overseas Bank(IOB) reported a 43.2 per cent increase in net profit year-on-year to ₹1,505 crore for the fourth quarter of FY26, compared with ₹1,051 crore in the year-ago period, aided by a rise in net interest income (NII) coupled with a fall in provisions.

 

Net interest income (NII) for the quarter stood at ₹3,470 crore, up 11.1 per cent year-on-year and 5.2 per cent sequentially.

 

Provisions and contingencies declined 5.4 per cent year-on-year to ₹1,006 crore from ₹1,063 crore in Q4 FY25.

 

Operating profit before provisions and contingencies increased 1.8 per cent year-on-year to ₹2,665 crore.

Other income declined 18.4 per cent year-on-year to ₹1,291 crore and fell 13.9 per cent sequentially.

 

“During the fourth quarter, we incurred a treasury loss of about ₹555 crore, largely on account of mark-to-market and revaluation impacts. For the full financial year, treasury losses stood at around ₹380 crore,” said Ajay Kumar Srivastava, managing director and chief executive officer (CEO) of Indian Overseas Bank.

 

Net interest margin (NIM) moderated during the quarter, with domestic NIM declining to 3.35 per cent from 3.77 per cent a year ago (down 42 basis points) and global NIM easing to 3.25 per cent from 3.58 per cent (down 33 basis points). On a sequential basis, both domestic and global NIMs declined by 7 basis points.

On the asset quality front, gross non-performing assets (GNPA) declined 17.5 per cent year-on-year to ₹4,410 crore, while net NPAs fell 30.1 per cent to ₹638 crore. In percentage terms, the GNPA ratio improved to 1.42 per cent from 2.14 per cent a year ago, while the net NPA ratio eased to 0.21 per cent from 0.37 per cent.

 

On the business front, total advances grew 24.2 per cent year-on-year to ₹3.10 trillion, driven by 34.9 per cent growth in retail, agriculture, and MSME (RAM) loans.

 

Deposits rose 18 per cent year-on-year to ₹3.68 trillion, of which current account and savings account deposit growth was 10.85 per cent.

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This PSU Bank Becomes First Public Sector Bank to Receive ISO 31000:2018 Certification

Indian Overseas Bank (IOB) has achieved a major milestone by becoming the first Public Sector Bank in India to be certified with ISO 31000:2018 – Risk Management Guidelines.

ISO 31000:2018 is an international standard that provides guidelines for effective risk management. It is issued by the International Organization for Standardization (ISO) and helps organizations identify, assess, and control risks in a structured way.

The standard offers a framework and set of principles to improve decision-making, strengthen internal controls, and reduce potential losses.

In the banking sector, following ISO 31000:2018 means the bank has strong systems to manage financial, operational, and compliance risks. It reflects the organization’s commitment to global best practices, transparency, and long-term stability.

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Indian Overseas Bank(IOB) Q3 Net profit jumps 56% YoY

Indian Overseas Bank (IOB) reported its financial results for the quarter ending on December 31, 2025, on Wednesday, January 14. The IOB share price was trading nearly 2% up to ₹36.02 apiece after the company released third quarter results.

The bank posted a 56% year-on-year (YoY) rise in its net profit to ₹1,365 crore in the December quarter FY26, from ₹873.6 crore in the same quarter previous year.

Operating performance also rose 14.87% YoY to ₹2,603 crore in Q3FY26 from ₹2,266 crore in Q3FY25. On a cumulative basis, operating profit for the nine months reached ₹7,361 crore, reflecting a healthy increase of 21.27%.

IOB's Net Interest Income (NII) recorded solid growth, increasing 18.29% YoY to ₹3,299 crore in Q3FY26, compared with ₹2,789 crore in the year-ago quarter. For the nine-month period, NII stood at ₹9,104 crore, up 17.20% year-on-year, supported by improved margins and balance sheet growth.

Domestic net interest margin (NIM) rose to 3.42% in Q3FY26 from 3.35% in Q2FY26, while return on assets (ROA) improved to 1.28% from 0.93% in Q3FY25. The cost-to-income ratio stood at 45.74% in Q3FY26, reflecting disciplined cost management.

Asset quality improved during the period, with the gross NPA ratio declining by 101 basis points YoY to 1.54%. The net NPA ratio also strengthened, falling by 18 basis points YoY to 0.24%.

The Bank’s total business rose by ₹1.01 lakh crore to ₹6.44 lakh crore as of December 2025, reflecting a strong year-on-year growth of 18.71%.

During the same period, CASA deposits recorded a healthy 7.8% YoY increase, reaching ₹1.43 lakh crore by December 2025.

Strengthening its pan-India footprint, the Bank added 116 new branches over the past year, between December 2024 and December 2025, taking its total branch network from 3,322 to 3,438 as of December 2025.

Of these 3,438 domestic branches, a significant 2,000—around 58%—are located in rural and semi-urban areas, underscoring the Bank’s focus on expanding access and deepening its reach beyond urban centres.

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Indian Overseas Bank(IOB)'s Record Q2 Profit surges 61%

 

Indian Overseas Bank (IOB), based in Chennai, reported a 61% year-over-year increase in net profit for the second quarter of the current fiscal year, reaching an all-time high of ₹1,258.82 crore, up from ₹779.61 crore in the July–September quarter of FY25. This increase was primarily due to improved asset quality and higher interest income. 

 For the quarter that ended in September 2025, the bank's overall operating income increased by 15% to ₹7,850.89 crore, up from ₹6,853.94 crore during the same time the previous year. Interest revenue, which is fueled by lending, is the source of net profit. IOB's managing director and CEO, Ajay Kumar Srivastava, stated that the company's net profit improved as a result of an increase in credit and interest income.

In Q2FY26, the bank's core revenue, or net interest income (NII), increased by 21% to ₹3,059 crore from ₹2,538 crore in the previous year. As of September 2025, the gross non-performing assets (GNPA) ratio was 1.83 percent, up 89 basis points from 2.72 percent the previous year. 

 Compared to the same quarter last year, when it was 0.47 percent, the net NPA ratio dropped 19 basis points to 0.28 percent. During the quarter, the slippage ratio was 0.11 percent and the credit cost was 0.18 percent, while the provision coverage ratio increased 42 basis points from 97.06 percent to 97.48 percent.

"This year, we aim to grow our business to a size of about ₹6 trillion, so making ₹1,000 crore in net profit is no longer a problem. We are onboarding additional clients in order to resolve CASA concerns. 

 We have onboarded 8.5 million users in the past two fiscal years and this half-year combined," Srivastava stated. CASA deposits rose 4% year over year to ₹1.37 trillion in Q2FY26 from ₹1.32 trillion the previous year, a gain of ₹5,531 crore. During the quarter, the CASA ratio was 40.52 percent.

From ₹851 crore in Q1FY26 to ₹874 crore for the quarter that ended in September, the total recovery climbed. The amount recovered from the written-off accounts was ₹461 crore. 

 As of September 2025, the bank's overall revenue increased by ₹76,233 crore to ₹6,17,034 crore, a 14% increase from ₹5,40,801 crore the previous year. Total deposits rose 9.15 percent year over year, from ₹28,414 crore to ₹3,39,066 crore from ₹3,10,652 crore in Q2FY25. As of September 2025, gross advances increased by 20.78 percent to ₹2,77,968 crore, up from ₹2,30,149 crore during the same period the previous year.

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Indian Overseas Bank(IOB) Q1 Net profit jumps 76% YoY; asset quality and margins

 

Indian Overseas Bank, a state-run institution based in Chennai, announced a staggering 76 percent increase in net income for the June quarter at Rs 1,111.04 crore following a solid performance in all important metrics, particularly the asset quality side. 

According to a statement released by the management on Friday, the lender's total revenue increased 17% to Rs 8,866.47 crore, including other revenue of Rs 1,480.92 crore. 

The net interest margin was 3.04 percent, and the crucial net interest income increased by nearly 13 percent to Rs 2,746 crore. This resulted in an operational margin of 26.59 percent, up from 22.14 percent, and a net profit margin of 12.53 percent, up from 8.36 percent.

Regarding asset quality, the bank's non-performing assets showed a drop both annually and sequentially. Net NPAs decreased from Rs 1,153.51 crore to Rs 816.38 crore, while total NPAs decreased from Rs 6,648.71 crore to Rs 5,178.46 crore. Provisions and contingencies thus decreased from Rs 937.87 crore to Re 844.05 crore. 

 Gross non-performing assets (NPAs) decreased by 92 basis points on an annualized basis and 17 basis points on a sequential basis, from 2.89 to 1.97 in percentage terms. Likewise, net non-performing assets (NPAs) decreased from 0.51% to 0.32, or by 19 and 5 basis points, respectively. The provision coverage ratio increased to 97.47, a 51-bps improvement. Gross advances rose from Rs 2,30,092 crore to Rs 2,62,421 crore, a 14.05 percent increase.

The growth of deposits was 10.75%, rising by Rs 32,111 crore to Rs 3,30,792 crore. Gross advances rose 14.05% to Rs 2,62,421 crore, or Rs 32,329 crores. While the credit cost remained constant at 0.29%, the slippage ratio increased by 3 basis points to 0.10. From Rs 582 crore to Rs 851 crore, the bank recovered an additional Rs 269 crore.

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Indian Overseas Bank(IOB) Local Bank Officer (LBO) Recruitment 2025 Notification Released, Apply Online

Indian Overseas Bank (IOB) has issued the official notification for the recruitment of Local Bank Officer (LBO) posts. The IOB LBO Recruitment 2025 notification was released on 9 May 2025, and the online application process will be open from 12 May 2025 to 31 May 2025. A total of 400 vacancies are available under this recruitment drive.

Indian Overseas Bank LBO Recruitment 2025 Overview

Organization	Indian Overseas Bank (IOB)
Post Name	Local Bank Officer (LBO)
Total Vacancies	400
Application Mode	Online
Job Location	All India
Official Website	www.iob.in

Indian Overseas Bank LBO Recruitment 2025 Important Dates

• Notification Date : 09 May 2025
• Apply Online Start Date : 12 May 2025
• Last Date to Apply : 31 May 2025
• Pay Exam Fee Last Date : 31 May 2025
• Exam Date : To be released

Indian Overseas Bank LBO Recruitment 2025 Application Fee

• Gen/OBC/EWS : Rs 850/-
• SC/ST/Other : Rs 175/-
• Mode of Payment : Online

Indian Overseas Bank LBO Recruitment 2025 Age Limit

• Minimum Age : 20 Years
• Maximum Age : 30 Years
• Age Limit as on : 01/05/2025
• The age relaxation will be given as per the rules.

Indian Overseas Bank LBO Recruitment 2025 Selection Process

The Indian Overseas Bank LBO Recruitment 2025 selection process includes the following stages:

• Written Exam
• Local Language Test
• Interview Test
• Medical Examination

Indian Overseas Bank LBO Recruitment 2025 Exam Pattern

• Negative Marking : 1/4th

Post Name	Qualification
Local Bank Officer (LBO)	Graduation + Knowledge of Local Language

Subject	Question	Marks	Time
Reasoning & Computer	30	60	60 minutes
General/ Economy/ Banking Awareness	40	40	30 minutes
Data Analysis and Interpretation	30	60	60 minutes
English	40	40	30 minutes
Total	140	200	3 Hours

Indian Overseas Bank LBO Recruitment 2025 Notification PDF & Apply Online Form Link

Notification PDF

Apply Online (From 12.5.2025)

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Indian Overseas Bank(IOB) Q4 profit jumps 30%

 

On Friday, May 2, Indian Overseas Bank said that its standalone net profit for Q4FY25 increased by 30% year-over-year (YoY) to ₹1,051.07 crore, up from ₹808.10 crore in the same period the previous year. 

 In comparison to the same quarter last year, when it was ₹1,961.11 crore, the bank's operating profit before provisions and contingencies for the current quarter was ₹2,617.92 crore, a 33.5 percent increase. At ₹3,123 crore, Net Interest Income (NII) grew 13% year over year. 

 During the quarter, the bank's gross non-performing assets (NPA) decreased 21.3% year over year to ₹5,347.72 crore from ₹6,794.43 crore in Q4FY24.

Additionally, net NPA decreased by 25% year over year to ₹911.86 crore from ₹1,216.86 crore. In comparison to the same quarter previous year, when it was 0.57 percent, net non-performing assets (NPA) were 0.37 percent. 

 Compared to Rs 1,961 crore during the same period last year. With the gross-non-performing assets ratio dropping to 2.14% at the conclusion of the most recent fiscal year from 2.55% three months prior and 3.10% a year earlier, the bank's asset quality improved. 

 Supported by a nearly 30% increase in retail loans and a 34% growth in agri-loans, its gross advances increased 14.15% year over year to Rs 2.50 lakh crore.Total deposits rose 9.11% to Rs 3.12 lakh crore with the share of current and savings account deposits standing at 43.65%.

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Gold Loan Fraud of Rs.1.65 crore in Bank: Female Officer Fired

An assistant manager at the Rajim branch of Indian Overseas Bank was arrested for stealing more than Rs 1 crore through the issuance of fraudulent jewelry loans. Ankita Panigrahi, the accused, was apprehended from Bargarh, Odisha, by the State Economic Offenses Investigation Bureau (EOW). The police started questioning her and pursuing additional legal action after the arrest.

Ankita Panigrahi was employed in 2022 as an Assistant Manager at Indian Overseas Bank's Rajim branch in the Gariaband district. She created fictitious jewelry loan records there by abusing locked bank accounts. She was able to take out Rs 1 crore 65 lakh from the bank in fraud by doing this.

When this fraud was discovered, the bank fired her right away. The Economic Offenses Wing (EOW) then formally filed a case against her in 2023. The case was brought under Section 409 of the Indian Penal Code, which addresses criminal breach of trust by a public worker, and Section 13(a) of the Prevention of Corruption Act, 1988 (as amended in 2018).

For a long time, Ankita had been absconding (hiding from the authorities), but the EOW finally tracked her down in Bargarh, Odisha. She was taken into police custody (remand) so that officials could question her thoroughly about the fraud. The EOW is now conducting a detailed investigation to uncover the full extent of the scam and to check whether other people were involved.

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Government will sell stake in three PSU banks, why this situation came?

The central government can sell stake in three big public sector banks. These three banks are UCO Bank, Punjab and Sindh Bank and Indian Overseas Bank. The government has more than 95% stake in these, the rest is with public investors.

Let us tell you that as per the Minimum Public Shareholding (MPS) rules of SEBI, all listed companies should have at least 25% public shareholding. Keeping this in mind, the government has made a plan to sell its stake.

Live Mint news quoted sources as saying that depending on market conditions, the three banks may conduct multiple rounds of qualified institutional placement (QIP) in FY2026 to meet regulatory requirements.

The government has allowed public sector banks to explore equity dilution this year and time their market offerings strategically, a source said. The stake sale is expected to be between 5-10% of the paid-up equity capital this year.

SEBI gave time till August 2026 to public sector banks to comply with the rule. At the same time, Life Insurance Corporation of India (LIC) was given time till 16 May 2027 to reach 10% public shareholding.

By December 31, 2024, seven of the 12 public sector banks—State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Indian Bank, Union Bank of India and Bank of India—had fulfilled SEBI's MPS requirement.

Bank of Maharashtra and Central Bank of India have not yet taken steps to comply with the MPS rule. Let us tell you that the government has 93.08% stake in Central Bank of India, 79.60% in Bank of Maharashtra, 95.39% in UCO Bank, 98.25% in Punjab and Sindh Bank and 96.38% in Indian Overseas Bank.

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Indian Overseas Bank(IOB) Q3 Profit climbs 21% YoY

Indian Overseas Bank (IOB), a state-owned bank, reported on Monday that its consolidated net profit for the third quarter ended December 2024 increased by about 21% year-over-year (YoY) to Rs 875.27 crore, up from a profit of Rs 724.14 crore in the same period the year before. 

In the third quarter that concluded on December 31, Indian Overseas Bank's net interest income (NII), which is calculated as interest generated less interest spent, increased 16% year over year to Rs 2,789 crore from Rs 2,398 crore in the same quarter the previous year.

On the asset quality front, the lender said its gross non performing assets ratio improved to 2.55% in the third quarter of fiscal 2025, as compared to 2.72% in the previous quarter of the same financial year. Similarly, net non performing assets improved to 0.42% in the December quarter, from 0.47% in the second quarter of FY25.

Also Read - Quarterly Results of all banks for Q3FY25

In the December quarter of FY25, provisions stood at Rs 1,028.6 crore, as against Rs 701.42 crore in the same quarter last year. The provisions in the September quarter of fiscal 2025 was Rs 1,146.3 crore.

The lender’s gross non performing assets (GNPA) improved to Rs 6,070.5 crore in the third quarter of FY25, from Rs 6,249.07 crore in the previous quarter of the same financial year.

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Government plans to sale stake in five PSU banks

A Rs.10,000 crore fund-raising plan for five state-run institutions via the Qualified Institutional Placement (QIP) route has been approved by the government.



According to sources, four additional lenders—Punjab & Sind Bank, Indian Overseas Bank, UCO Bank, and Central Bank of India—have been given permission to raise money in addition to the Bank of Maharashtra. According to the sources, these lenders may begin raising money in tiny installments as early as the fourth quarter of the 2025 fiscal year.

"The Department of Disinvestment and Public Asset Management (DIPAM) has also been mandated to sell a stake in these lenders through the Offer For Sale (OFS) route," the sources noted.



By August 2026, the government hopes to have a minimum of 25% of these PSU banks' shares held by the general people. The Department of Financial Services has administrative authority for state-run lenders.



According to the most recent shareholding pattern on the BSE, the government owns 79.6% of Bank of Maharashtra, 98.25% of Punjab & Sind Bank, 96.38% of Indian Overseas Bank, 95.39% of UCO Bank, and 93.08% of Central Bank of India as of the end of the December quarter.Based on the current share price, the excess government stake in these five lenders stands at nearly Rs.50,000 crore.

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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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Indian Overseas Bank(IOB) Q1 Net profit up 27%

 

Public sector lender Indian Overseas Bank on July 22 reported a net profit of Rs 633 crore in the first quarter of fiscal 2024-25, 27 percent higher than Rs 500 crore reported in the corresponding quarter last year.

Gross NPA of the bank stood at 2.89 percent against 7.13 percent last year, a reduction of 424 bps. Net NPA stood at 0.51 percent compared to 1.44 percent, with a reduction of 93 bps.

Total deposits of the bank jumped 13 percent to Rs 2.98 lakh crore from Rs 2.64 lakh crore last year. CASA improved 8 percent to Rs 1.25 lakh crore from Rs 1.16 lakh crore.

Interest income of the bank grew by 20.48 percent on Y-o-Y basis to Rs 6,535 crore in Q1FY25 as against Rs 5,424 Crore for Q1FY24.

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Indian Overseas Bank(IOB) Q4 results: Net profit rises 24%

 

Indian Overseas Bank (IOB) reported a 24 per cent increase in its net profit to Rs 808.10 crore in the January-March quarter of FY24, up from Rs 650.07 crore in the same period last year, on the back of healthy growth in core income and a decline in provisions.

Sequentially, the net profit increased by 12 per cent from Rs 722.56 crore in the third quarter of FY24.

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The total income of the bank increased by 37.43 per cent to Rs 9,112.67 crore compared to the same period last year, while net interest income (NII) improved by 27.67 per cent to Rs 6,629 crore. Other income rose to Rs 2,477 crore from Rs 1,430 crore in the same period.

The operating expenses of IOB increased in the quarter under review to Rs 3,281.38 crore, compared to Rs 1,826.58 crore, owing to higher employee-related expenses.

“The operating expenses increased due to salary expenses, which has also led to an increase in the cost-to-income ratio,” said Ajay Kumar Srivastava, managing director and chief executive officer of IOB, during a post-earnings media call.

The bank's cost-to-income ratio stood at 62.58 per cent compared to 49.23 per cent last year.

The provisions of IOB declined to Rs 767.56 crore from Rs 995.85 crore in Q4 FY23.

The asset quality of the bank improved. The gross non-performing assets (GNPA) ratio for the quarter ended March 31, 2023, was 3.10 per cent, compared to 3.90 per cent in the previous quarter. Net NPA was at 0.57 per cent compared to 0.62 per cent in the same period.

The lender recorded healthy growth in gross advances to Rs 2.19 trillion as of March 31, 2024, compared to Rs 1.89 trillion in the same period last year. The lender's deposits increased to Rs 2.86 trillion from Rs 2.60 trillion over the same period.

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