Indian Overseas Bank has reported a robust financial performance for the second quarter ended September 30, 2024. The bank’s net profit for the period surged to ₹779.62 crores, reflecting a significant increase compared to ₹627.18 crores recorded in the same quarter last year.
This growth in net profit represents a 24.3% year-on-year rise, underpinned by strong interest income and improved asset quality. The bank’s gross non-performing asset (GNPA) ratio improved to 2.72% from 2.89% in the previous quarter, while the net non-performing asset (NNPA) ratio also saw an improvement, reducing to 0.47% from 0.51% quarter-on-quarter.
Total income for Q2 FY2024 stood at ₹8,48.99 crores, driven by interest earned of ₹6,85.39 crores and other income of ₹1,63.59 crores. Operating profit before provisions increased to ₹2,13.06 crores, reflecting a resilient performance despite higher operating expenses.
This strong performance further highlights Indian Overseas Bank’s ongoing efforts to enhance its financial stability and maintain a healthy asset quality trajectory.
