Indian Overseas Bank Q1 results: Net profit up 27% to Rs 633 crore

Total deposits of the bank jumped 13 percent to Rs 2.98 lakh crore from Rs 2.64 lakh crore last year. CASA improved 8 percent to Rs 1.25 lakh crore from Rs 1.16 lakh crore.

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Public sector lender Indian Overseas Bank on July 22 reported a net profit of Rs 633 crore in the first quarter of fiscal 2024-25, 27 percent higher than Rs 500 crore reported in the corresponding quarter last year.

Gross NPA of the bank stood at 2.89 percent against 7.13 percent last year, a reduction of 424 bps. Net NPA stood at 0.51 percent compared to 1.44 percent, with a reduction of 93 bps.

Total deposits of the bank jumped 13 percent to Rs 2.98 lakh crore from Rs 2.64 lakh crore last year. CASA improved 8 percent to Rs 1.25 lakh crore from Rs 1.16 lakh crore.

Interest income of the bank grew by 20.48 percent on Y-o-Y basis to Rs 6,535 crore in Q1FY25 as against Rs 5,424 Crore for Q1FY24.

The shares of the bank closed for trading at Rs 64.82, up 0.64 percent.

(This is a developing story, please come back for more updates)