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Operating profit stood at Rs 1677.12 crore in Q2 FY24, up 12.24% from Rs 1494.18 crore posted in corresponding quarter last year.
Profit before tax climbed 25.09% year on year to Rs 632.92 crore in the quarter ended 30 September 2023.
Net interest margin (NIM) improved to 3.12% in Q2 FY24 as compared to 2.79% registered in the same period a year ago.
On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 9,893.30 crore as on 30 September 2023 as against Rs 14,726.35 crore as on 30 September 2022.
The ratio of gross NPAs declined to 4.74% as on 30 September 2023 as compared to 8.53% as on 30 September 2022. The ratio of net NPAs reduced to 0.68% as on 30 September 2023 from 2.56% as on 30 September 2022.
Provision coverage ratio improved to 96.76% as on 30 September 2023 as against 90.94% as on 30 September 2022.
Total business stood at Rs 4,82,006 crore as on 30 September 2023, up 10.95% YoY from Rs 4,34,441 crore as on 30 September 2023.
Total deposits stood at Rs 2,73,093 crore (up 4.34% YoY) while gross advances came in at Rs 2,61,728 crore (up 9.22% YoY) as on 30 September 2023.
Total CASA grew 6.51% to Rs 1,19,206 crore as on 30 September 2023 as compared with Rs 1,11,924 crore as on 30 September 2023. CASA ratio stood at 43.65% as on 30 September 2023 from 42.76% reported in the same period a year ago.
CRAR improved to 17% as on 30 September 2023 as against 15.14% as on 30 September 2022.
Indian Overseas Bank is engaged in the business of banking & financial services.
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