Indian Overseas Bank Q4 standalone net rises 18% to 650 crore
The Hindu
Indian Overseas Bank (IOB) reported standalone net profit for the quarter ended March rose 18% from the year-earlier period to ₹650 crore on account of healthy growth in net interest income and improvement in asset quality.
Indian Overseas Bank (IOB) reported standalone net profit for the quarter ended March rose 18% from the year-earlier period to ₹650 crore on account of healthy growth in net interest income and improvement in asset quality.
Interest income rose 23% to ₹5,192 crore. Net interest income increased to ₹2,276 crore from ₹1,610 crore. Net interest margin grew to 3.20% from 2.41%, the public sector lender said in a regulatory filing.
Gross non-performing asset (NPA) declined by 238 bps to 7.44%, while that of net NPA by 82 bps to 1.83%. Total cash recovery was ₹447 crore in March 2023 against ₹460 crore in March 2022.
Provision coverage ratio improved to 92.63% in March 2023 from 91.66% in March 2022. Capital adequacy ratio stood at 16.10% as on March 2023.
For the year ended March 2023, total business stood at ₹4.50 lakh crore, of which deposit stood at ₹2.61 lakh crore and gross advances at ₹1.89 lakh crore. CASA deposits accounted for ₹1.14 lakh crore.
The board approved raising of equity capital of up to ₹1,000 crore and Tier II capital aggregating ₹1,000 crore.
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