Get Instant Loan up to ₹10 Lakh!
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.
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.