IOB net profit surges 33 per cent to Rs 501 crore in September ’22 quarter

During the second quarter, the total income rose 15% to R 5,852.45 crore from R5,091 crore during the same quarter last year.

Published: 07th November 2022 07:31 AM  |   Last Updated: 07th November 2022 07:31 AM   |  A+A-

Indian Overseas Bank

Indian Overseas Bank (File photo| Express)

By Express News Service

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.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp