The state-owned Indian Overseas Bank (IOB) has recently clocked a whopping 26.60% surge in its net profits for the April-June 2024 quarter at Rs 633 crores. The bank’s gross income during the quarter under review grew to Rs 7,568 crores up by 21.54% from Rs 6,227 crores registered in the same quarter of last year.
The state-owned bank’s interest income grew by 20.48% year-on-year to Rs 6,535 crores during the April-June 30th 2024 quarter as against Rs 5,424 crores registered a year ago. The BASEL III Capital Adequacy Ratio improved to 17.82% as of June 30th, 2024.
Mr. Ajay Kumar Srivastava, the incumbent Managing Director and CEO of IOB observed that the increase in net profit accrued from an increase in net income. He said, “Interest income as well as non-interest income and expenses we have been able to control to a certain extent so, net profit has increased because operating profit has increased. I think we will be able to cross Rs 5,500 crore in recoveries this year. Q1 we have made a recovery of Rs 582 crore. Balance in nine months we will be able to recover the remaining Rs 5,000 crore.“
The bank’s Gross NPA (Non-Performing Assets) stood at 2.89% as of June 30th, 2024 as compared to 7.13% as of June 30th,2023 while Net NPA stood at 0.51% as of June 2024 as compared to 1.44% as of June 30, 2023.