2024-10-17 16:26:46 :
New Delhi, Oct 17 (PTI) – State-owned Indian Overseas Bank (IOB) on Thursday reported a 24 per cent surge in net profit to $Revenue for the second quarter ended September 2024 was Rs 777 crore.
The lender’s net profit is $625 crore in the same period last year.
Its total revenue increased to $8,484 crore during the quarter under review $6,935 crore in the same period last year, IOB said in a regulatory filing.
The interest income earned by the bank is $6,851 crore during the quarter $5,821 crore in the same period last year.
In terms of asset quality, the bank has reduced total non-performing assets (NPA) to 2.72% of total loans as of the end of September 2024 from 4.74% a year ago.
Likewise, net non-performing loans, or non-performing loans, fell to 0.47% from 0.68% at the end of the second quarter of the previous fiscal.
Affected by this, the provision for non-performing loans dropped significantly to $71 Crores compared to Rs. $Rs 1,121 crore has been set aside in the same quarter of FY24.
As of September 30, 2024, the bank’s provision coverage ratio was 97.06%.
The capital adequacy ratio increased to 17.45% from 17% at the end of the second quarter of the previous fiscal year.
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