State-owned Indian Overseas Bank (IOB) announced a 21% increase in its net profit, reaching Rs 874 crore for the third quarter ended December 2024, compared to Rs 723 crore in the same period last year. The growth was driven by a reduction in bad loans.
The bank’s total income rose to Rs 8,409 crore, up from Rs 7,437 crore in the previous year, while operating profit improved to Rs 2,266 crore from Rs 1,780 crore. Interest income also saw an increase, rising to Rs 7,112 crore from Rs 6,176 crore.
On the asset quality front, IOB’s gross Non-Performing Assets (NPAs) dropped to 2.55% of gross loans from 3.90% a year ago. Net NPAs also fell to 0.42% from 0.62%. The bank’s Capital Adequacy Ratio stood at 16.97%, and its Provision Coverage Ratio remained stable at 97.07%.
