BENGALURU: State-run Indian Overseas Bank has posted a 33% increase in its net profit for the second quarter ending September 30, 2022 at Rs 501 crore. During the same period last year, the bank registered net profit at Rs 376 crore.
During the second quarter, the total income rose 15% to Rs 5,852.45 crore from Rs 5,091 crore during the same quarter last year. Its interest income stood at Rs 4,717.61 crore for the second quarter. The total business stood at R4,34,441 crore compared to Rs 4,23,589 crore in the June quarter.
Also, its deposits grew to Rs 2,61,728 crore from Rs 2,60,045 crore as on 30 June 2022. The net non-performing assets (NPA) ratio stood at 2.56% at Rs 4,148 crore as on 30 September 2022 when compared to Rs3,741 crore registered as on 30 September 2021.
The bank said reduction in NPA for the second quarter stood at Rs 43 crore as against Rs 1,006 crore achieved for the quarter ended June 2022. Provision coverage ratio stood at 90.94% as against 91.86% as on 30 June 2022. The bank has made required provisioning in advances in specific accounts so as to improve Net NPA.
During the quarter under review, the gross NPA reduced by R43 crore. GNPAs as at 30 September 2022 stood at R14,726 crore with a ratio of 8.53% as against Rs 14,769 crore with a ratio of 9.03% as at 30 June 2022.
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.
