Indian Overseas Bank Q2 Results: Net profit rises 24% to Rs 777 crore

State-owned Indian Overseas Bank on Thursday posted a 24% surge in net profit to Rs. 777 crore in the second quarter ended September 2024, due to interest income and onboarding of new customers. The bank had earned a net profit of Rs. 625 crore in the same quarter a year ago.

The bank earned an interest income of Rs.6,851 crore during the quarter compared to Rs. 5,821 crore in the year-ago period.

The Credit to Deposit (CD) Ratio stood at 74.09% for the quarter. The bank said that they would like to maintain the CD ratio between 74% to 77%, and not go beyond 77%

With regard to asset quality, the bank’s gross non-performing assets (NPAs) or bad loans were 2.72% of the gross loans in Q2 of FY25, from 4.74% a year ago.

“The bank is looking to add 50-55 branches in the near future and is prioritising physical reach and expansion in more geographies. In the past 18 months, Indian Overseas Bank has onboarded 44 lakh new customers,” said Ajay Kumar Srivastava, MD & CEO, Indian Overseas.

The bank has a Rs. 2000 crore board approval to raise funds in two-three tranches by various means, which is expected to begin in the next quarter.

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