Profit before tax climbed 28.13% year on year to Rs 507.36 crore in the quarter ended 30 June 2023.

Net interest margin (NIM) improved to 3.21% in Q1 FY24 as compared to 2.53% registered in the same period a year ago.

On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 13,629 crore as on 30 June 2023 as against Rs 14,919 crore as on 30 June 2022.

The ratio of gross NPAs declined to 7.13% as on 30 June 2023 as compared to 9.12% as on 30 June 2022. The ratio of net NPAs reduced to 1.44% as on 30 June 2023 from 2.43% as on 30 June 2022.

Provision coverage ratio improved to 94.03% as on 30 June 2023 as against 91.86% as on 30 June 2022.

Total business stood at Rs 4,55,664 crore as on 30 June 2023, up 7.57% YoY from Rs 4,23,589 crore as on 30 June 2022.

Total deposits stood at Rs 2,64,401 crore (up 1.68% YoY) while gross advances came in at Rs 1,91,263 crore (up 16.95% YoY) as on 30 June 2023.

Total CASA rose marginally to Rs 1,16,694 crore as on 30 June 2023 as compared with Rs 1,12,012 crore as on 30 June 2022. CASA ratio improved to 44.14% as on 30 June 2023 from 43.07% reported in the same period a year ago.

CRAR improved to 16.56% as on 30 June 2023 as against 14.79% as on 30 June 2022.

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

Shares of Indian Overseas Bank closed 2.52% lower at Rs 26.30 on the BSE.