𝐈𝐧𝐝𝐢𝐚𝐧 𝐎𝐯𝐞𝐫𝐬𝐞𝐚𝐬 𝐁𝐚𝐧𝐤 𝐀𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐬 𝐑𝐨𝐛𝐮𝐬𝐭 𝐐𝟐𝐅𝐘𝟐𝟓 𝐑𝐞𝐬𝐮𝐥𝐭𝐬; 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝟐𝟒.𝟑𝟐% 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐢𝐧 𝐍𝐞𝐭 𝐏𝐫𝐨𝐟𝐢𝐭
Chennai, October 17, 2024: Indian Overseas Bank (IOB) today announced robust financial results for the quarter ending September 30, 2024 (Q2FY25) , reflecting strong growth across key financial metrics and a continued focus on asset quality improvement. Key Highlights : Total Business saw a significant year-on-year (Y-o-Y) growth of 12.20%, reaching ₹5,40,801 Crore, up from ₹4,82,006 Crore. Total Deposits rose by 13.75% Y-o-Y to ₹3,10,652 Crore. Gross Advances increased by 10.16% to ₹2,30,149 Crore. Operating Profit grew substantially by 26.89% Y-o-Y to ₹2,128 Crore, up from ₹1,677 Crore. Net Profit also saw a notable increase, rising by 24.32% Y-o-Y to ₹777 Crore. Strong Asset Quality and Profitability : IOB has demonstrated exceptional progress in reducing non-performing assets: Gross NPA Ratio decreased by 202 basis points (bps) to 2.72% from 4.74% a year ago. Net NPA Ratio improved by 21 bps to 0.47% from 0.68% Y-o-Y. Provision Coverage Ratio (PCR) improved to 97.06%, re...
