Indian Overseas Bank Q4 results: Net profit increased by 24% to ₹808 crore.

Indian Overseas Bank (IOB) On Thursday, the company announced a 24% increase in net profit to ₹808 crore, its highest-ever quarterly profit, for the quarter ended March 31, compared to ₹650 crore the same quarter last year.

Indian Overseas Bank Q4 Result
Indian Overseas Bank reported a Q4 operating profit of ₹1,961 crore, up from ₹1,882 crore the previous year.

On Thursday, Indian Overseas Bank (IOB) announced a 24% increase in net profit to ₹808 crore—the highest-ever quarterly profit—for the quarter ended March 31, compared to ₹650 crore previous year.

The total net profit for March 31, 2024 increased to ₹2,665.66 crore from ₹2,103.99 crore in the previous year. Operating profit increased to ₹1,961 crore, up from ₹1,882 crore the previous year.

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The company reported a consolidated total income of ₹9,112.67 crore for the current quarter, up from ₹6,630.57 crore in the same quarter last year.

The bank’s asset quality also improved, with fewer slippages and higher recovery of non-performing assets (NPAs), according to the public sector lender headquartered in Chennai.

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“A notable feature of the fiscal year was outstanding slippage control, with slippages totaling only Rs.1517 crores, representing for 0.87% of performing advances as of March 31, 2023. Total recovery was Rs.4,549 crores as of March 31, 2024, which improved Gross NPA by more than 50% to 3.10% from 7.44% on March 31, 2023, according to the IOC filing.

The interest income for the quarter ended March 31, 2024 increased to Rs.6,629 crores, representing a considerable increase from Rs.5,192 crores. The net interest margin increased to 3.28% from 2.93% as of March 31, 2023.

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As of March 31, 2024, IOB’s overall business had grown to Rs.5,04,923 crores, with an impressive 43.90% increase in Current Account Savings Account (CASA).

The Chennai-based public sector lender intends to build 88 new branches this year, expanding its reach and accessibility to consumers.

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Updated - 09 May 2024

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