Indian Overseas Bank shares rise 7% on Q2 results; net profit up 25% YoY to ₹625 crore | Mint
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Business News/ Markets / Stock Markets/  Indian Overseas Bank shares rise 7% on Q2 results; net profit up 25% YoY to 625 crore
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Indian Overseas Bank shares rise 7% on Q2 results; net profit up 25% YoY to ₹625 crore

Indian Overseas Bank shares rise over 7 per cent on Friday after the bank announced its July-September quarter results, reporting a net profit of ₹625 crore

Indian Overseas Bank reported a net profit of ₹625 crore (Pradeep Gaur/Mint)Premium
Indian Overseas Bank reported a net profit of 625 crore (Pradeep Gaur/Mint)

Shares of Indian Overseas Bank gained seven per cent on Friday, October 27, as the public sector lender announced its July-September quarter results for fiscal 2023-24 (Q2FY24), reporting a growth of 25 per cent in net profit at 625 crore, compared to 501 crore in the corresponding period last year.

The bank's net interest income (NII) - the difference between interest earned and interest expended- rose 22 per cent at Rs.1,114 crore for the quarter ended September 2023 compared to 1,135 crore in the year-ago period. 

The bank's gross non-performing assets (GNPA) declined to 4.74 per cent from 8.53 percent in the same quarter of the previous fiscal, resulting in an improved asset quality. The state-run lender's net non-performing assets (NNPAs) also came down, to 0.68 per cent for the September quarter from 1.44 per cent three months ago. 

Also Read: Banking sector earnings: Expect a decent YoY earning growth in Q2 despite NIM compression, says Motilal Oswal

The lender's total business has increased to Rs.4,82,006 crore as of September 30, 2023, from Rs.4,34,441 crore last year. The total deposits stood at Rs.2,73,093 crore in the September quarter, as against Rs.2,61,728 crore in the year-ago period. 

The bank registered an increase of 12.2 per cent in operating profit to 1,677 crore for the quarter under review. The gross advances grew 21 per cent on a year-on-year basis to 2,08,913 crore, while deposits increased 4.3 per cent to 2,61,728 crore. 

The Chennai-based bank's current account savings account (CASA) increased to 1,19,206 crore at 43.65 per cent in the September quarter, against 1,11,924 crore at 42.76 per cent in the corresponding period last year.

On Friday, Indian Overseas Bank shares opened at 39.10 and rose 6.18 per cent to touch an intra day high of 41.52 apiece on the BSE. Shares of Indian Overseas Bank were last trading 7.34 per cent higher at 41.22 apiece on the BSE.

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Published: 27 Oct 2023, 03:26 PM IST
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