Indian Overseas Bank profit jumps 33 pc in second quarter

Chennai (Tamil Nadu) [India], November 7 (ANI): Indian Overseas Bank has posted a 33 per cent growth in net profit to Rs 501.34 crore for the quarter ended September, against Rs 376.41 crore during the corresponding quarter in the previous year (Q2FY22).

The Chennai-headquartered lender said its total income grew by 15 per cent on a year-on-year basis, to Rs 5,852.45 crore, against Rs 5,090.72 crore in the year-ago period. Of which, interest income grew by 11 per cent during this reviewed period to Rs 4,717.61 crore.

The bank’s operating grew 25 per cent to Rs 1,419 crore, against Rs 1,135 crore in the corresponding quarter in the previous year. Deposits surged 4.32 per cent to Rs 2,61,728 crore from Rs 250,890 crore. The bank’s net NPA grew 10.88 per cent to Rs 4,148 crore from Rs 3,741 crore. The net non-performing assets (NPA) ratio stood at 2.56 per cent as on September 30, 2022, when compared to 2.77 per cent registered as on September 30, 2021, the bank said.

Total business as of September 2022 stood at Rs4,34,441 crore.

During the reviewed quarter, the interest income was Rs 4,717.61 crore against Rs 4,255 crore registered last year. The total cash recovery for the September quarter was at Rs 494 crore, against Rs 479 crore registered in June 2022, the bank said.

The Reserve Bank of India (RBI) in June had imposed a monetary penalty of Rs 57.50 lakh on Indian Overseas Bank for non-compliance with certain directions of the central bank. The lender had been penalised for non-compliance with certain directions issued by the central bank on ‘Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016’, and ‘External Benchmark Based Lending’, among others. (ANI)

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