The Indian Overseas Bank on Monday posted a net profit of Rs 874 crore for the third quarter ended Dec. 2024.
According to the state-owned lender, the 21% rise in net profit in the October-December quarter was on account of its curtailed bad loans.
In comparison, the Chennai-based bank had earned a net profit of Rs 723 crore in the previous year's similar period.
The bank's total income rose to Rs 8,409 crore during the quarter under review against Rs 7,437 crore in the same period last year, its disclosure added.
Operating profit of the bank improved to Rs 2,266 crore as against Rs 1,780 crore in Dec. 2023.
For Q3 of financial year 2024-25, Interest income rose to Rs 7,112 crore over Rs 6,176 crore.
On the asset quality front, the bank's gross non-performing assets declined to 2.55% of gross loans by the end of Dec. 2024 from 3.90% a year ago.
Similarly, net NPAs or bad loans came down to 0.42% as compared to 0.62% in FY24.
Capital adequacy ratio of the bank rose to 16.97% as against 16.80% at the end of the similar quarter a year ago.
Provision coverage ratio of the bank as on Dec. 31, 2024, stood at 97.07% as compared to 97.06% at the end of Sept. 30, 2024.
Shares of Indian Overseas Bank closed 3.91% higher at Rs 52.61 apiece on the BSE, compared to a 0.59% advance in the benchmark Sensex.
- With PTI Inputs
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