Indian Overseas Bank registers 30.27 pct year-on-year rise in net profit
Public sector Indian Overseas Bank on Wednesday reported 30.27% year-on-year rise in net profit at Rs 723 crore for October-December quarter (Q3) of the current financial year 2023-24.
The bank had logged a net profit of Rs 555 crore in the December quarter of 2022-23.
The bank's gross non-performing asset (NPA) ratio during Q3 of FY24 stood at 3.90%, down from 8.19% in the same quarter of the preceding year.
The net NPA ratio of the bank was 0.62% in the Q3 of current fiscal.
"Gross NPA as of 31st December 2023 stood at Rs 8,441 crores with ratio of 3.90% as against Rs 14,333 crores with ratio of 8.19% as on 31st December 2022. GNPA has reduced both in quantum and as a percentage of Gross Advances (YoY)," the bank said in a statement.
Gross advances of the bank stood at Rs 2,16,163 crores as on 31st December 2023 as against Rs 1,75,050 crores as on 31st December 2022.
(With UNI inputs)
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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