Indian Overseas Bank Reports 25% Rise In Q2 Net Profit To Rs 625 Cr

Indian Overseas Bank (IOB) has reported robust financial results for the September quarter, achieving a remarkable 25 per cent growth in net profit, reaching Rs 625 crore. This substantial profit increase comes in comparison to the net profit of Rs 501 crore that IOB had posted in the corresponding period of the previous year.

A notable achievement was the improvement in IOB's gross non-performing asset (NPA) ratio, which declined to 4.74 per cent in the second quarter of this fiscal year. This demonstrated a significant improvement from the 8.53 per cent gross NPA ratio reported during the same period in the fiscal year 2022-23.

IOB's interest income amounted to Rs 5,821 crore for the quarter ending on 30 September 2023. The bank's total business also exhibited healthy growth, reaching Rs 4.82 lakh crore.