Indian Overseas Bank posts 33.2% jump in Q2 net at Rs 501 crore

CHENNAI: Public sector lender Indian Overseas Bank has recorded a 33.2 per cent jump in its net profit for the second quarter ending September 30, 2022 at Rs 501 crore, the bank said on Sunday. The city-headquartered bank registered net profit at Rs 376 crore during the corresponding period last year.

For the half year ending September 30, 2022 the net profit surged to Rs 893 crore from Rs 703 crore last year.

The total income during the quarter ending September 30, 2022 went up to Rs 5,852.45 crore from Rs 5,028 crore recorded as on June 30, 2022. The total business stood at Rs 4,34,441 crore as against Rs 4,23,589 crore.

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The deposits grew to Rs 2,61,728 crore from Rs 2,60,045 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.

During the quarter under review, the gross NPA reduced by Rs 43 crore. "GNPA (gross NPA) ratios improved to 8.53 per cent (as on September 30,2022) from 10.66 per cent as on June 30, 2022", the bank said.

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The interest income during the quarter under review stood at Rs 4,717.61 crore against Rs 4,255 crore registered last year.

The total cash recovery for September 2022 period was at Rs 494 crore as against Rs 479 crore registered in June 2022, the bank said.