Indian Overseas Bank Reports a 26.60% Increase in NetProfit to ₹633 Crores, Significant improvement in Slippagesand Asset Quality

Chennai, India,  – Indian Overseas Bank(IOB) has reported a significant increase in its financial performance for the quarter, with net profit rising by 26.60% to ₹633 crores, compared to ₹500crores in the same period last year. This robust growth reflects the bank’s strong operational efficiencies and strategic initiatives.

Key financial highlights include:

Operating Profit: Increased by 24.61% to ₹1,676crores from ₹ 1,345 Crores

Total Business: Surged by 16.04% to ₹5,28,773crores, with deposits at ₹2,98,681 crores andadvances at ₹2,30,092 crores.

CASA (Current Account Savings Account): Improvedto ₹1,25,947 crores from

₹ 1,16,694 Crores, stood at 42.17 %.

The bank’s asset quality also showed markedimprovement:

Control of Slippage: Reduced to₹277 Crores Slippage Ratio:Improved by 18 basis points to0.13%.

Gross Non-Performing Assets (NPA): Declined to2.89% as against 3.10% in March 2024, 7.13% asof June 2023

Net NPA: Decreased to 0.51% as against 0.57% asin March 2024, 1.44% as of June 2023

Provision Coverage Ratio (PCR): Improved to96.96%. from 94.03% as of June 2023.

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