Shares of Indian Overseas Bank saw a notable rise of 2.47%, climbing to ₹55.96 on October 17, following the release of its robust Q2 FY2024 financial results. The stock gained ₹1.35 from its previous close of ₹54.61, driven by investor confidence in the bank’s strong performance and improvement in asset quality.
The bank reported a 24% year-on-year increase in net profit, which stood at ₹779.62 crores for Q2 FY2024, compared to ₹627.18 crores in the same period last year. Additionally, Indian Overseas Bank’s asset quality showed improvement, with its gross non-performing assets (GNPA) ratio decreasing to 2.72% from 2.89% in the previous quarter, and its net non-performing assets (NNPA) ratio dropping to 0.47% from 0.51%.
This solid quarterly performance and improved asset quality have fueled the stock’s upward movement, reflecting the
