Indian Overseas Bank registers 30.27 pct year-on-year rise in net profit

Public sector Indian Overseas Bank on Wednesday reported 30.27% year-on-year rise in net profit at Rs 723 crore for October-December quarter (Q3) of the current financial year 2023-24.

IBNS • 24 Jan 2024, 06:10 pm

Indian Overseas Bank registers 30.27 pct year-on-year rise in net profit

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The bank had logged a net profit of Rs 555 crore in the December quarter of 2022-23.

The bank's gross non-performing asset (NPA) ratio during Q3 of FY24 stood at 3.90%, down from 8.19% in the same quarter of the preceding year.

The net NPA ratio of the bank was 0.62% in the Q3 of current fiscal.

"Gross NPA as of 31st December 2023 stood at Rs 8,441 crores with ratio of 3.90% as against Rs 14,333 crores with ratio of 8.19% as on 31st December 2022. GNPA has reduced both in quantum and as a percentage of Gross Advances (YoY)," the bank said in a statement.

Gross advances of the bank stood at Rs 2,16,163 crores as on 31st December 2023 as against Rs 1,75,050 crores as on 31st December 2022.

(With UNI inputs)