Indian Overseas Bank (IOB) on Thursday said the company reported a 24% increase in net profit to ₹808 crore—the highest-ever quarterly profit—for the quarter ended March 31, against ₹650 crore in the same quarter last year.
For the year ending March 31, 2024, the consolidated net profit grew to ₹2,665.66 crore from ₹2,103.99 crore a year ago. The operating profit rose to ₹1,961 crore from ₹1,882 crore year-over-year.
The consolidated total income during the quarter under review went up to ₹9,112.67 crore from ₹6,630.57 crore in the same quarter last year, the company said in a regulatory filing.
The bank’s asset quality also improved, with fewer slippages and higher recovery of non-performing assets (NPAs), the Chennai-headquartered public sector lender said.
“A key highlight of the fiscal year was exceptional control over slippages, with only Rs.1517 crores slippages, accounting for 0.87% of performing advance as on 31.03. 2023. Total recovery recorded at Rs.4,549 crores as of March 31, 2024, improving Gross NPA by more than 50% to 3.10% as against 7.44% as on 31.03.2023,” the IOC filing read.
The interest income for the quarter ended March 31, 2024, improved to Rs.6,629 crores, reflecting a significant growth trajectory from Rs.5,192 crores. The net interest margin strengthened to 3.28% compared to 2.93% as on March 31, 2023.
IOB’s total business surged to Rs.5,04,923 crores as of March 31, 2024, with an impressive growth in Current Account Savings Account (CASA) by 43.90%.
The Chennai-headquartered public sector lender plans to open 88 new branches throughout the year, furthering its reach and accessibility to customers.
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Published: 09 May 2024, 08:27 PM IST
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