The board of IOB authorized a proposal for elevating fairness capital of up to ₹1,000 crore and Tier II capital aggregating ₹1,000 crore.
| Photo Credit: RAGU R
Indian Overseas Bank (IOB) reported standalone net revenue for the quarter ended March rose 18% from the year-earlier interval to ₹650 crore on account of wholesome development in net curiosity revenue and enchancment in asset high quality.
Interest revenue rose 23% to ₹5,192 crore. Net curiosity revenue elevated to ₹2,276 crore from ₹1,610 crore. Net curiosity margin grew to 3.20% from 2.41%, the general public sector lender mentioned in a regulatory submitting.
Gross non-performing asset (NPA) declined by 238 bps to 7.44%, whereas that of net NPA by 82 bps to 1.83%. Total money restoration was ₹447 crore in March 2023 towards ₹460 crore in March 2022.
Provision protection ratio improved to 92.63% in March 2023 from 91.66% in March 2022. Capital adequacy ratio stood at 16.10% as on March 2023.
For the yr ended March 2023, complete enterprise stood at ₹4.50 lakh crore, of which deposit stood at ₹2.61 lakh crore and gross advances at ₹1.89 lakh crore. CASA deposits accounted for ₹1.14 lakh crore.
The board authorized elevating of fairness capital of up to ₹1,000 crore and Tier II capital aggregating ₹1,000 crore.
During the yr, IOB has deliberate to open 40 new branches throughout the nation.
