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Business News/ Companies / Company Results/  Indian Overseas Bank Q1 result: Net profit up by 28% to 500.35 crore
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Indian Overseas Bank Q1 result: Net profit up by 28% to ₹500.35 crore

Indian Overseas Bank Q1 net profit rises 28.4% to ₹500.35 crore, NPA reduces. NII up by 32.4% to ₹2,322.5 crore

Indian Overseas Bank at Connaught place,New Delhi. PIC:MADHU KAPPARATHPremium
Indian Overseas Bank at Connaught place,New Delhi. PIC:MADHU KAPPARATH

Indian Overseas Bank Q1 result: The Indian public sector bank reported a 28.4 per cent rise in its net profit to 500.35 crore in the June quarter of FY 23-24 against 392.3 crore a year ago.

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The Chennai-based bank reported a minor reduction in its NPA. In the quarter under review IOB reported gross NPA at 7.13%, whereas its net NPA stood at 1.44%. Its NII was up by 32.4% to 2,322.5 crore.

The company shares were trading 2.67% lower at 26.26 per share at 2:47 pm on BSE on Wednesday. The share value of the company has dropped by 17.61% YTD. However, it has increased by 46.59% in last one year. 

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In contrast to promising performance in terms of profit, IOB's total income reduced by approx 6% QoQ to 622.7 crore in Q1FY24 against 662.642 crore in the previous quarter. In terms of annual performance, its total income increased by 24% YoY.

Q1 result: IOB's net NPA reduced significantly in one year

The Chennai-based government bank has done tremendous improvement in terms of reducing its non performing assets.In the previous quarter, bank's NPA eased to 1.83 per cent. It has further eased to 1.44 per cent in the quarter under review. Whereas, IOB's net NPA stood at 2.43 per cent in the year ago period. Company's capital adequacy ratio increased to 16.56% in Q1FY24 against to 14.79% in the year ago period.

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In the previous quarter, the bank's board had given approval for increasing paid-up equity Capital and aggregating up to 1,000 crore through Follow-on Public Offer (FPO)/Rights issue/Qualified Institutional Placement (QIP) or any other mode, it said. In the previous quarter result, the board had also given clearance for raising of Tier II Capital, which aggregated up to 1,000 crore through issueance of Basel III Complaint Tier II bonds.

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Updated: 02 Aug 2023, 03:08 PM IST
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