Indian Overseas Bank shares jump 6% as Q2 profit rises. Details here

Shares of Indian Overseas Bank Ltd (IOB) rose sharply in Friday's trade after the company posted strong second-quarter results. The lender's net profit for the quarter ended September 30, 2023, stood at Rs 625 crore, up 24.75 per cent from Rs 501 crore in the year-ago period.

IOB's operating profit came at Rs 1,677 crore in Q2 FY 24 as against Rs 1,494 crore in the corresponding period last year.

The stock surged 5.57 per cent to hit a day high of Rs 40.54 today over its previous close of Rs 38.40. At today's high price of Rs 40.54, the scrip was down 20.51 per cent down from its 52-week high of Rs 51, a level seen on October 4, 2023.

Despite the mentioned fall, the multibagger counter has gained 122.75 per cent from its one-year low price of Rs 18.20, hit on October 31 last year.

Total income for the September 2023 quarter was at Rs 6,935 crore compared to Rs 5,852 crore for the quarter ended September 30, 2022. The bank recorded an interest income of Rs 5,821 crore in Q2 FY24 as against Rs 4,718 crore in the same period last year.

For Q2 FY24, IOB said net non-performing asset (NPA) came at Rs 1,364 crore with ratio of 0.68 per cent compared to Rs 4,148 crore with ratio of 2.56 per cent as on September 30, 2022, thus, reducing net NPA by Rs 2,784 crore in absolute terms.

Total business improved to Rs 4,82,006 crore as on September 30, 2023, as against Rs 4,55,664 crore as on June 30, 2023.

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