New Delhi: State-owned Indian Overseas Bank (iob) A net increase of 30 percent was recorded on Wednesday Benefit Rs 723 crore for December quarter 2023-24, on the basis of improvement in the core Income And bad debts will reduce. The Chennai-based lender had posted a net profit of Rs 555 crore in the same quarter a year ago.
The bank’s operating profit increased to Rs 1,780 crore in December 2022 as against Rs 1,540 crore.
Total income rose to Rs 7,437 crore during the quarter under review from Rs 6,006 crore in the same period last year, IOB said in a regulatory filing.
Interest income also increased from Rs 5,056 crore to Rs 6,176 crore in the quarter ending December 2022.
The bank recovered total cash of Rs 327 crore during the quarter, compared to Rs 460 crore in the third quarter of the previous financial year.
On the asset quality front, the bank’s gross non-performing assets (NPAs) declined to 3.90 per cent of gross loans by the end of December 2023 from 8.19 per cent a year ago.
Similarly, net NPA or bad loans declined to 0.62 per cent compared to 2.43 per cent in FY20.
As a result, provision for bad loans declined to Rs 367 crore from Rs 711 crore a year ago.
The bank’s provision coverage ratio at the end of the third quarter stood at 96.85 percent, which was 91.34 percent as on December 31, 2022.
Its capital adequacy ratio increased from 15.16 percent to 16.80 percent at the end of December quarter of FY2012.
Current Account Savings Account (CASA) as a percentage of total deposits declined marginally to 43.49 per cent.