Indian Overseas Bank Q1 profit zooms 154% to ₹376 crore, NPAs decline | Mint
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Business News/ Companies / Company Results/  Indian Overseas Bank Q1 profit zooms 154% to 376 crore, NPAs decline
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Indian Overseas Bank Q1 profit zooms 154% to ₹376 crore, NPAs decline

Net interest income stood at ₹1,632.94 crore during the quarter under review, as against ₹1,561.30 crore in the corresponding quarter last year

Indian Overseas Bank saw its asset quality improve during the September quarter of this fiscal with NPAs coming down during the period.Premium
Indian Overseas Bank saw its asset quality improve during the September quarter of this fiscal with NPAs coming down during the period.

Chennai-based Indian Overseas Bank has recorded a net profit of 376.41 crore at the end of quarter ended September 20, 2021. This marks a growth of over 154 per cent as against 148.14 crore seen in the year-ago period.

The bank's net interest income stood at 1,632.94 crore during the quarter under review, as against 1,561.30 crore in the corresponding quarter last year. Net interest margin was 2.43 per cent in Q2 FY22, as against 2.57 per cent a year ago.

Operating profit for the period was 1,419 crore, up 5.42 per cent from 1,346 crore seen during the September quarter last fiscal.

Deposits grew 9.27 per cent year-on-year to 2,50,890 crore from 2,29,607 crore. Gross advances increased to 1,46,940 crore in Q2 FY22 from 1,35,469 crore in Q2 FY21, marking a rise of 8.47 per cent. Investments declined to 92,578 crore during the quarter, falling 2.51 per cent from 94,958 crore.

Indian Overseas Bank saw its asset quality improve during the September quarter of this fiscal. The lender had come out of RBI's Prompt Corrective Action on September 29, 2021.

Gross NPAs declined 11.29 per cent to 15,666 crore, while GNPA ratio fell to 10.66 per cent. The net NPAs stood at 3,741 crore, down 29.30 per cent, while net NPA ratio declined to 2.77 per cent.

CASA of the bank improved to 42.57 per cent as on September 30, 2021, as against 40.26 per cent as on September 30, 2020, with YoY growth at 231 bps. Total CASA has increased to 106,806 crore as on September 30, 2021 from 92,436 crore in the year ago period.

Provision Coverage Ratio improved to 92 per cent in Q2 FY22, as against 89.36 per cent in Q2 FY21.

Indian Overseas Bank closed the day's trade at 22.60 on BSE, rising 0.40 points or 1.80 per cent.

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Published: 27 Oct 2021, 03:45 PM IST
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