Indian Overseas Bank's Profit Skyrockets Amid Asset Quality Improvement

Indian Overseas Bank reported a 24% increase in net profit to Rs 777 crore for Q2 2024. Total income rose to Rs 8,484 crore, supported by better asset quality and reduced non-performing assets. The bank's capital adequacy improved to 17.45%, reflecting robust financial health.

In a significant financial milestone, the state-owned Indian Overseas Bank (IOB) reported a remarkable 24 percent increase in its net profit, reaching Rs 777 crore for the second quarter ending September 2024.

Compared to the Rs 625 crore net profit during the same quarter last year, the bank's total income escalated to Rs 8,484 crore, according to its latest regulatory filing.

The lender improved its asset quality, with gross non-performing assets declining to 2.72 percent of gross loans from last year's 4.74 percent, while provisions for bad loans dropped to Rs 71 crore from Rs 1,121 crore.

(With inputs from agencies.)