Public sector lender Indian Overseas Bank on August 2 reported a 27.50 percent rise in net profit at Rs 500 crore in the first quarter of the financial year 2023-24, up from Rs 392 crore in the year-ago period.
Net interest income jump 22 percent and stood at Rs 5,424 crore for the quarter ended June 2023 compared to Rs 4,435 crore last year.
The lender's total deposits increased to Rs. 2.64 lakh crores up from Rs. 2.60 lakh crores last year. The current account and savings account (CASA) of the bank improved to 44.14 percent compared to 43.07 percent last year. Total CASA from Rs 1.12 lakh crore to Rs 1.16 lakh crore.
The bank's gross non-performing assets (GNPA) declined to 7.13 percent from 9.16 percent in the same quarter of the previous fiscal.
Net non-performing assets (NNPAs) of fell to 1.44 percent from 2.43 percent last year.
The provision coverage ratio improved to 94.03 percent against 91 .86 percent.
At 3.08 pm, the lender's stock was trading at Rs 26.30 on the BSE, 2.77 percent lower than the previous close.
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