Indian Overseas Bank Q1 results: Net profit rises 26.6% to Rs 633 crore

Public sector Indian Overseas Bank on Monday reported a 26.60 per cent rise in its net profits for the April-June 2024 quarter at Rs 633 crore.

The city-headquartered bank had registered a net profit of Rs 500 crore during the corresponding quarter of last year.

Total income during the quarter under review grew to Rs 7,568 crore up by 21.54 per cent from Rs 6,227 crore registered in the same quarter of last year.

Total business of the bank during the quarter under review grew by 16.04 per cent to Rs 5,28,773 crore from Rs 4,55,664 crore registered in the same period of last year.

For the quarter ending June 30, 2024 the Net Interest Margin stood at 3.06 per cent while the Provision Coverage Ratio improved to 96.96 per cent registering an improvement of 293 basis points.

The Non-Interest Income grew by 28.64 per cent year-on-year to Rs 1,033 crore in Q1FY'25 as against Rs 803 crore registered in Q1 of last financial year.

The interest income grew by 20.48 per cent year-on-year to