Business EconomyPosted at: Jul 22 2024 6:20PM

Chennai, July 22 (UNI) The Indian Overseas Bank (IOB) on Monday reported a significant increase
in its financial performance for the quarter, with the net profit rising by 26.60% to Rs 633 crores, compared to Rs 500 crores in the same period last year.
This robust growth reflects the bank's strong operational efficiencies and strategic initiatives, a release from IOB said.
The Operating Profit increased by 24.61% to Rs 1,676 crores from Rs 1,345 Crores, the Total Business surged by 16.04% to Rs 5,28,773 crores, with deposits at Rs 2,98,681 crores and
advances at Rs 2,30,092 crores.
The CASA (Current Account Savings Account) improved to Rs 1,25,947 crores from Rs 1,16,694 Crores, stood at 42.17 %.
The bank’s asset quality also showed marked improvement.
Control of Slippage has been reduced to Rs 277 Crores and the Slippage Ratio improved by
18 basis points to 0.13%.
Gross Non-Performing Assets (NPA) declined to 2.89% as against 3.10% in March 2024. It stood
at 7.13% as of June 2023.
The Net NPA decreased to 0.51% as against 0.57% as in March 2024. It was 1.44% as of June 2023.
The Provision Coverage Ratio (PCR) improved to 96.96%. from 94.03% as of June 2023.
UNI GV 1818

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