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Indian Overseas Bank has posted a 33 per cent growth in Q2 net profit at ₹501.34 crore. The Chennai-based lender’s net profit for Q2 FY22 stood at ₹376.41 crore.
Total income of the lender, on a YoY basis, grew by 15 per cent to ₹5,852.45 crore (₹5,090.72 crore) during the latest quarter. Of which, interest income grew by 11 per cent during this period to ₹4,717.61 crore.
The bank’s deposits went up by 4.32 per cent, YoY, to ₹2,61,728 crore as of September 2022, while gross advances grew by 17.54 per cent during the same period to ₹1,72,713 crore. Total business of IOB as of September 2022 stood at ₹4,34,441 crore.
Asset quality improves
Asset quality of the bank also showed good improvement with the gross non-performing assets (GNPA) coming down to 8.53 per cent of gross advances during Q2 FY23 against 10.66 per cent during the same quarter of the previous fiscal. Net NPA also dropped to 2.56 per cent (2.77 per cent) during this period.
The provision coverage ratio of the bank as of September 2022 stands at 90.94 per cent.
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