Chennai-based Indian Overseas Bank has registered a net profit of Rs 376.41 crore at the end of the September quarter. The bank's net profit grew 154% compared to Rs 148.14 crore profit in the same quarter a year ago.
Gross NPA (non-performing assets) stood at Rs 15,666 crore as of September, 30 2021, with a ratio of 10.66% against Rs 15,952 crore with a ratio of 11.48% during the same period last year. GNPA was reduced by Rs 286 crore during the quarter, and the GNPA ratios improved to 10.66% from 13.64% on quarter-on-quarter basis, the lender said.
As of September 30, 2021, the operating profit stood at Rs 1,419 crore against Rs 1,202 crore for the previous quarter. The interest income grew by 4% at Rs 4,255 crore for the quarter ended September 30, 2021, against Rs 4,063 crore for the quarter ending June 30.
The bank's operating profit for the said quarter stood at Rs 1,419 crore against Rs 1,346 crore for the quarter ended September 30, 2020, thus recording an increase of Rs 73 crore.
Deposits grew 9.27% year-on-year to Rs 2,50,890 crore from Rs 2,29,607 crore. In addition, the gross advances increased by 8.47% to Rs 1,46,940 crore in Q2 FY22 from Rs 1,35,469 crore in Q2 FY21. Investments declined to ?92,578 crore during the quarter, falling 2.51 per cent from ?94,958 crore.
CASA (current account savings account) of the bank improved to 42.57% as of September 30 2021, as against 40.26% as of September 30, 2020. Total CASA increased from Rs 92,436 crore to Rs 1,06,806 crore in Q2 FY22.
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