Indian Overseas Bank posts Rs 624.34 cr PAT for Q2

Chennai: Public sector mortgage lender Indian Overseas Bank (IOB) on Friday said it closed the second quarter of FY24 with a 24.75 per cent growth in net profit.

In a regulatory filing IOB said for the quarter ended September 30, it had booked a total income of Rs 6,935.21 crore (Q2FY23 Rs 5,852.45 crore) and a net profit of about Rs 624.58 crore (Rs 501.34 crore).

According to IOB, its interest income stood at Rs 5,821 crore for the quarter ended September 30, 2023 as against Rs 4,718 crore for the quarter ended September 30, 2022.

The non-interest income stood at Rs 1,114 crore for the year ended September 30, 2023 as against Rs 1,135 crore for the year that ended September 30, 2022.

As on September 30, 2023 IOB’s gross non performing assets (GNPA) and net NPA stood at Rs 9,893.30 crore (Rs 14,726.35 crore) and Rs 1,364.34 crore (Rs 4,148.60 crore) respectively.

For the period under review IOB had provided Rs 1,120.50 crore towards NPA up from Rs.627.15 crore provided during the previous year corresponding period.

The capital adequacy ratio stood at 17 per cent as on September 30, 2023.