- Government of India reduced its stake in Indian Overseas Bank to 92.44% after selling 2.17% equity
- Indian Overseas Bank's standalone net profit rose 58% YoY to Rs 1,226 crore in the September quarter
- Net interest income increased 20.53% YoY to Rs 3,059 crore with improved domestic and global NIM
The Government of India has reduced its stake in Indian Overseas Bank after selling 2.17% equity through an offer for sale, according to an exchange filing. Following the transaction, the government's shareholding in the public sector lender has come down to 92.44%.
The stake dilution comes against the backdrop of a strong operating performance by the lender in the September quarter.
In the previous quarter, Indian Overseas Bank reported a 58% year-on-year rise in standalone net profit to Rs 1,226 crore, compared with Rs 777 crore in the corresponding quarter last year. Net interest income increased 20.53% YoY to Rs 3,059 crore, reflecting improved core earnings momentum.
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Profitability metrics strengthened during the quarter, with domestic net interest margin rising 14 basis points YoY to 3.35%, while global NIM expanded to 3.21%, up 13 bps from the year-ago period.
Asset quality also continued to improve. Gross non-performing assets declined to 1.83% in the quarter, compared with 2.72% in the same quarter last year and 1.97% in the previous quarter, indicating sustained progress in balance-sheet clean-up.
Indian Overseas Bank raised Rs 1,436 crore in March this year through a qualified institutional placement, issuing 35.41 crore shares to eligible institutional investors.
Life Insurance Corporation of India (LIC) emerged as the largest allottee, receiving 34.8% of the QIP shares. IIFL Finance was allotted nearly 14%, while SBI Pension Fund and LIC Pension Fund were each issued 7% of the shares under the offering.
Shares of the bank closed 0.15% lower at Rs 34.03 apiece, as compared to a 0.58% advance in the benchmark NSE Nifty 50.
Indian Overseas Bank Confident Of Maintaining Over Rs 1,000 Crore Net Profit In This FY: MD & CEOEssential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
