Indian Overseas Bank (IOB) reported impressive financial results for the second quarter of FY25, ending September 30, 2024. Here are the key highlights:
- Net Profit: Increased by 24.32% year-on-year (YoY) to ₹777 crore, up from ₹625 crore in Q2FY24.
- Operating Profit: Grew by 26.89% YoY to ₹2,128 crore, compared to ₹1,677 crore in the same quarter last year.
- Total Income: Rose by 22.34% YoY to ₹8,484 crore, from ₹6,935 crore in Q2FY24.
- Interest Income: Increased by 17.69% YoY to ₹6,851 crore, up from ₹5,821 crore in Q2FY24.
- Non-Interest Income: Jumped 46.59% YoY, from ₹1,114 crore in Q2FY24 to ₹1,633 crore in Q2FY25.
- Return on Assets (ROA): Improved to 0.82%, up from 0.75% YoY.
- Return on Equity (ROE): Increased to 16.90%, compared to 16.16% in Q2FY24.
- Asset Quality:
- Gross Non-Performing Assets (GNPA) ratio improved to 2.72% from 4.74% YoY.
- Net Non-Performing Assets (NNPA) ratio decreased to 0.47% from 0.68% YoY.
- Provision Coverage Ratio (PCR) rose to 97.06%, from 96.76% YoY.
- Deposits and Advances:
- Total deposits grew by 13.75% to ₹3,10,652 crore.
- Gross advances increased by 10.16% to ₹2,30,149 crore.
- CASA deposits rose by 10.61% YoY to ₹1,31,856 crore, with a CASA ratio of 42.44%.
- Credit to Deposit (CD) Ratio: Recorded at 74.09%.
These results reflect IOB’s strong performance, particularly in terms of profitability and asset quality improvements.
Disclaimer: The information provided in this report is for informational purposes only and should not be construed as financial advice. While we strive to ensure that the information is accurate and up to date, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information. Readers are advised to conduct their own research and seek professional advice before making any financial decisions. The performance of Indian Overseas Bank and its financial results may be subject to market risks and other factors beyond our control.
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