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The bank's profit before tax (PBT) increased by 32.1% year on year to Rs 505.95 crore in the quarter ended 30 September 2022.
Operating profit before provisions and contingencies during the quarter was Rs 1,494.18, higher by 31.7% as compared with the same period last year.
The bank's provisions and contingencies (excluding tax provisions) rose 31.5% to Rs 988.23 crore in Q2 FY23 over Q2 FY22. Of these, provisions for non-performing assets were at Rs 627.15 crore (down 29.12% YoY).
The bank's gross non-performing assets (NPAs) stood at Rs 14,726.35 crore as on 30 September 2022 as against Rs 15,665.69 crore as on 30 September 2021.
The ratio of gross NPAs to gross advances stood at 8.53% as on 30 September 2022 as against 10.66% as on 30 September 2021.
The ratio of net NPAs to net advances stood at 2.56% as on 30 September 2022 as against 2.77% as on 30 September 2021.
Deposits stood at Rs 2,61,728 crore (up 4.32% YoY) while gross advances were at Rs 1,72,713 crore (up 17.54% YoY) as on 30 September 2022.
Net Interest Margin was at 2.79% in Q2 FY23 as against 2.51% in Q2 FY22. CASA ratio in Q2 FY23 stood at 42.97% as compared to 42.57% posted in Q2 FY22.
Indian Overseas Bank is one of the public sector banks (PSB) in India. As of 30 September 2022, the Government of India held 96.38% in IOB, followed by institutional investors, the public, and others.
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