Indian Overseas Bank Q4 net profit up 18 per cent to Rs 650 crore
NEW DELHI: Indian Overseas Bank (IOB) posted an 18% increase in net profit in the January-March 2023 quarter as consolidated profits rose to F650 crore during the quarter from Rs 551 crore in the same quarter previous year. In the December 2022 quarter, the bank posted Rs 555 crore profit.
Total income for quarter ended 31 March 2023 stood at Rs 6,622 crore as against Rs 6,006 crore in the quarter-ended 3l December 2022. In the March quarter previous year, the Chennai-headquartered bank had made Rs 5,721 crore in total earnings.
In FY23, the bank showed a 23% increase in net profit to Rs 2,099 crore against Rs 1,710 crore. Total income of the bank increased by 8.7% to Rs 23,509 crore during the financial year. Interest income stood at Rs 5,192 crore for the March 2023 quarter against Rs 5,055 crore for quarter-ended 31 December 2022. Non-interest income stood at Rs 1,430 crore for quarter-ended 31 March 2023 as against Rs 950 crore for quarter-ended 31 December 2022.
Net interest margin of the bank showed a 52 basis points increase at 2.93% as on 31 March 2023 against 2.41% as on 31 March 2022. Gross NPA of the bank improved by 75 bps quarter-on-quarter to 7.44% as against 8.19% in the December quarter. Gross NPA has reduced both in quantum and as a percentage of Gross Advances (Q-o-Q). Net NPA reduced to Rs 3,266 crore, or 1.83% in the fourth quarter, down from 2.43% in the December 2022 quarter.