Public sector lender Indian Overseas Bank (IOB) on Wednesday reported a 28.4 percent year-on-year (YoY) jump in net profit at Rs 500.4 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, Indian Overseas Bank posted a net profit of Rs 392.2 crore, the bank said in a regulatory filing.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 32.4 percent, coming at Rs 2,322.5 crore against Rs 1,753.7 crore in the corresponding quarter of FY23.

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The gross non-performing asset (GNPA) stood at 7.13 percent in the June quarter against 7.44 percent in the March quarter. Net NPA came at 1.44 percent against 1.83 percent quarter-on-quarter.

Total business increased to Rs 4,55,664 crore as on June 30, 2023, as against Rs 4,23,589 crore as on June 30, 2022. and total deposits increased to Rs 2,64,401 crore as on June 30, 2023, as against Rs 2,60,045 crore as on June 30, 2022.

The Current Account Savings Account (CASA) of the bank improved to 44.14 percent as on June 30, 2023, as against 43.07 percent as on June 30, 2122. Total CASA has increased from Rs 1,12,012 crore as on June 30, 2022, to Rs 1,16,694 crore as on June 30, 2023.

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The gross advances increased to Rs 1,91,263 crore as on June 30, 2023, against Rs 1,63,544 crore as on June 30, 2022. The total expenditure of the bank stood at Rs 4,882 crore for the quarter ended June 30, 2023, increased as against Rs 4,002 crore for the quarter ended June 30, 2022.

The total reduction in NPA of Rs 989 crore achieved for the quarter ended June 30, 2023, as against the NPA reduction of Rs 1,006 crore during the quarter ended 30th June 2022. The Provision Coverage Ratio improved to 94.03 percent as on June 30, 2023, against 91.86 percent as on June 30, 2022.

Shares of Indian Overseas Bank ended at Rs 26.27, down by Rs 0.71, or 2.63 percent on the BSE.

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First Published:Aug 2, 2023 7:23 PM IST