Indian Overseas Bank Reports 26.60% Increase in Net Profit to ₹633 Crores, Improves Asset Quality

Indian Overseas Bank (IOB) has reported a significant increase in its financial performance for the quarter, with net profit rising by 26.60% to ₹633 crores, compared to ₹500 crores in the same period last year. The bank's total business surged by 16.04% to ₹5,28,773 crores, with deposits at ₹2,98,681 crores and advances at ₹2,30,092 crores. The bank's asset quality also showed marked improvement, with a reduction in slippage to ₹277 crores and a slippage ratio improvement of 18 basis points to 0.13%. Gross Non-Performing Assets (NPA) declined to 2.89% from 3.10% in March 2024, and Net NPA decreased to 0.51% from 0.57% as of March 2024. The bank's provision coverage ratio (PCR) improved to 96.96% from 94.03% as of June 2023.