Indian Overseas Bank Q2 results: 33 per cent YoY growth reported

Indian Overseas Bank

Indian Overseas Bank (IOB) climbed 1.39 per cent to Rs 21.95 following a 33.2 per cent increase in net profit to Rs 501.34 crore on a 15 per cent increase in total income to Rs 5,852.45 crore in Q2 FY23 over Q2 FY22.

In the quarter ended 30 September 2022, the bank’s profit before tax (PBT) climbed by 32.1 per cent year on year to Rs 505.95 crore.

Operating profit before provisions and contingencies was Rs 1,494.18 during the quarter, up 31.7 per cent from the same period last year.

Provisions and contingencies (excluding tax provisions) increased 31.5 per cent to Rs 988.23 crore in Q2 FY23 compared to Q2 FY22. Provisions for non-performing assets were Rs 627.15 crore (down 29.12 per cent year on year).

The bank’s gross non-performing assets (NPAs) were Rs 14,726.35 crore on September 30, 2022, compared to Rs 15,665.69 crore on September 30, 2021.

The ratio of gross NPAs to gross advances was 8.53 per cent on September 30, 2022, compared to 10.66 per cent on September 30, 2021.

The ratio of net NPAs to net advances was 2.56 per cent on September 30, 2022, compared to 2.77 per cent on September 30, 2021.

As of 30 September 2022, deposits stood at Rs 2,61,728 crore (increased 4.32 per cent YoY), while gross advances stood at Rs 1,72,713 crore (up 17.54 per cent YoY).

In Q2 FY23, the net interest margin was 2.79 per cent, up from 2.51 per cent in Q2 FY22. CASA ratio in Q2 FY23 was 42.97 per cent, compared to 42.57 per cent in Q2 FY22.

The Indian Overseas Bank is a public sector bank (PSB) in India. The Government of India owned 96.38 per cent of IOB as of 30 September 2022, followed by institutional investors, the general public, and others.

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