NEW DELHI: State-owned Indian Overseas Bank ,IOB) on Wednesday reported 30 % rise in internet profit at Rs 723 crore for December quarter 2023-24, on the again of improvement in core income and discount in unhealthy loans. The Chennai-based lender had earned a internet profit of Rs 555 crore in the identical quarter a yr in the past.
Operating profit of the financial institution improved to Rs 1,780 crore as towards Rs 1,540 crore in December 2022.
Total income elevated to Rs 7,437 crore throughout the quarter beneath evaluation from Rs 6,006 crore in the identical interval final yr, IOB mentioned in a regulatory submitting.
Interest income additionally rose to Rs 6,176 crore over Rs 5,056 crore for the quarter ended December 2022.
During the quarter, the financial institution had performed complete money restoration of Rs 327 crore as towards Rs 460 crore in the third quarter of the earlier fiscal.
On the asset high quality entrance, the financial institution’s gross Non-Performing Assets (NPAs) declined to 3.90 per cent of gross loans by the top of December 2023 from 8.19 per cent a yr in the past.
Similarly, internet NPAs or unhealthy loans got here down to 0.62 per cent as in contrast to 2.43 per cent in FY22.
As a outcome, provisions for unhealthy loans declined to Rs 367 crore from Rs 711 crore a yr in the past.
The financial institution’s Provision Coverage Ratio stood at 96.85 per cent on the finish of third quarter as towards 91.34 per cent as on December 31, 2022.
Its Capital Adequacy Ratio improved to 16.80 per cent from 15.16 per cent on the finish of the December quarter of FY22.
Current Account Savings Account (CASA) as proportion of complete deposits declined marginally to 43.49 per cent.
