Chennai-based Indian Overseas Bank (IoB) on Monday reported a 56% rise in net profit at Rs1,912 crore for Q2FY27, buoyed by higher interest income.
The public sector bank had reported a net profit of Rs1,226 crore in the July-September quarter of last fiscal. Interest income of the bank rose 17% to Rs9,201 crore during the September quarter of current fiscal, from Rs7,849 crore in the corresponding quarter of last fiscal. Gross non-performing assets (NPAs) as a percentage of gross advances improved to 1.19% in Q2 of FY27, from 1.83% in the second quarter of FY26.
Net Interest Income (NII) for the quarter increased by 26.4% during the September quarter to Rs3,867 crore from Rs3,059.3 crore earlier. Provisions during the September quarter rose to Rs950.08 crore from Rs672.45 crore in the year-ago period, and from Rs834.03 crore in the June quarter.
Slippage ratio in Q2FY27 was at 0.07% as against 0.11% YoY, and 0.06% QoQ. Total deposits in the quarter ending September 2027 increased by 20.16% to Rs4,07,428 crore from Rs3,39,066 crore, YoY. CASA Deposits increased 20.73% YoY to Rs1,65,862 crore, while CASA ratio (domestic) improved by 13 bps YoY to 41.14%.
Advances in Q2FY27 were at Rs3,45,650 crore, registering a growth of 24.35% from Rs2,77,968 crore, YoY.