Indian Overseas Bank Q1 Results: Net profit at Rs 633 crore

State-run Indian Overseas Bank (IOB) reported a 26.5% year-on-year rise in net profit to Rs 632.8 crore in the first quarter of the financial year 2024-25, up from Rs 500.35 crore in the corresponding quarter of the previous year, influenced by fostered business growth.

The Public Sector Bank’s NII or net interest income surged by 5.1% to Rs 2,441 crore, compared to Rs 2,322.8 crore in the same period a year ago. The Chennai-based bank's deposits surged 13% on-year and 4.5% quarter-on-quarter to Rs 2.98 lakh crore for the April to June period.

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The bank's gross non-performing assets (GNPA) have improved to Rs 6,648.7 crore, down 2% from Rs 6,794.4 crore in the fourth quarter of last fiscal. The bank's net NPA declined 5.2% QoQ to Rs 1,153.5 crore, compared to Rs 1,216.9 crore in Q4FY25.

During the review period, the bank's advances rose 24.7% on-year and 5.3% sequentially to ?2.24 lakh crore The provision coverage ratio also improved to 96.96% as of the June quarter, up from 96.85% in the corresponding quarter of the last fiscal year.

The Net Interest Income stood at Rs 2441 crores, up by 5.13% YoY. CASA ratio stood at 42.17% with above 197 bps YoY.

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