Operating profit stood at Rs 1,882 crore in Q4 FY23, up 16.6% from Rs 1,614 crore posted in corresponding quarter last year.

Profit before tax climbed 47.6% year on year to Rs 885.88 crore in the quarter ended 31 March 2023.

Net Interest Income (NII) jumped 41.37% to Rs 2,276 crore in Q4 FY23 as against Rs 1,610 crore reported in Q4 FY22. Net interest margin (NIM) improved to 3.20% in Q4 FY23 as compared to 2.41% registered in the same period a year ago.

In financial year ended March 2023, the bank's net profit rose 22.8% to Rs 2,098.79 crore on 8.7% increase in total income to Rs 23,509.08 crore compared to FY22.

On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 14,071.55 crore as on 31 March 2023 as against Rs 15,298.62 crore as on 31 March 2022.

The ratio of gross NPAs declined to 7.44% as on 31 March 2023 as compared to 9.82% as on 31 March 2022. The ratio of net NPAs reduced to 1.83% as c from 2.65% as on 31 March 2022.

Provision coverage ratio improved to 92.63% as on 31 March 2023 as against 91.34 % as on 31 December 2022.

Total business stood at Rs 4,49,892 crore as on 31 March 2023, up 7.64% YoY from Rs 4,17,960 crore as on 31 March 2022.

Total deposits stood at Rs 2,60,883 crore (down 0.49% YoY) while gross advances came in at Rs 1,89,009 crore (up 21.31% YoY) as on 31 March 2023.

Total CASA rose marginally to Rs 1,44,113 crore as on 31 March 2023 as compared with Rs 1,13,877 crore as on 31 March 2022. CASA ratio increased to 43.74% as on 31 March 2023 from 43.44% reported in the same period a year ago.

CRAR improved to 16.10% as on 31 March 2023 as against 13.83% as on 31 March 2022.

Meanwhile, the bank's board has approved raising of paid-up equity capital aggregating up to Rs 1,000 crore through follow-on public offer (FPO)/rights issue/ qualified lnstitutional placement (QIP) / preferentional issue or ony other mode or combinotion thereof.

The board has also approved raising of Tier ll capital aggregating up to Rs 1,000 crore through issuance of Basel lll Compliant Tier ll bonds or such other securities.

Indian Overseas Bank is engaged in the business of banking & financial services.

Shares of Indian Overseas Bank were down 0.32% to Rs 25.15 on the BSE.