Indian Overseas Bank Q2FY24 Results

 Indian Overseas Bank 

Central Office 

  Chennai 

(Rs. in Crores) 

Particulars	30.09.2023  (3 Months)	30.09.2022  (3 Months)		30.09.2023  (6 Months)	30.09.2022  (6 Months)
Operating Profit	1,677	1,494		3,022	2,520
Net Profit / Loss	625	501		1,125	893
Deposits	2,73,093	2,61,728		2,73,093	2,61,728
Gross Advances	2,08,913	1,72,713		2,08,913	1,72,713
Gross Investments	97,891	97,035		97,891	97,035
Business Mix	4,82,006	4,34,441		4,82,006	4,34,441
CASA	1,19,206	1,11,924		1,19,206	1,11,924
CASA Ratio	43.65%	42.76%		43.65%	42.76%
Gross NPA	9,893	14,726		9,893	14,726
Net NPA	1,364	4,148		1,364	4,148
Net Interest Margin	3.12%	2.79%		3.18%	2.66%
Gross NPA Ratio	4.74%	8.53%		4.74%	8.53%
Net NPA Ratio	0.68%	2.56%		0.68%	2.56%
Cost to Income Ratio	51.53%	51.62%		54.11%	53.63%
PCR	96.76%	90.94%		96.76%	90.94%
CRAR	17.00%	15.14%		17.00%	15.14%
RoE	16.16%	15.42%		14.79%	13.94%
CD Ratio	76.50%	65.99%		76.50%	65.99%
RoA	0.75%	0.65%		0.69%	0.58%

 

	Y-o-Y		Variance
	30.09.2023	30.09.2022	Rs. in crore	% Growth
Operating Profit	1677	1494	183	12.25%
Net Profit	625	501	124	24.75%

• Net Profit for the quarter ended 30.09.2023 recorded at Rs.625 Crores

• Net NPA has improved to 0.68% on 30.09.2023 as against 2.56% on 30.09.2022

• GNPA ratio has improved to 4.74% on 30.09.2023 as against 8.53% on 30.09.2022

• The Provision Coverage ratio recorded at 96.76% (June 2023 PCR is 94.03%)

Performance Highlights for the Quarterended September 30, 2023, over Quarter ended September30, 2022 (Y-o-Y): 

•  Total Business increased to Rs.4,82,006 Croresas on 30th September   2023 from Rs.4,34,441 Croresas on 30th September 2022. 

•  Total Deposits stood at Rs.2,73,093 Crores as on 30th September 2023 as  against Rs.2,61,728 Crores as on 30th September 2022. 

•  CASA of the Bank increased to Rs.1,19,206 Crores at 43.65% as on 30th September 2023 against Rs.1,11,924 Crores at 42.76% as on 30th September 2022. 

•  Gross Advances stoodat Rs.2,08,913 Croresas on 30th September 2023 as against Rs.1,72,713 Crores as on 30th September 2022. 

•  Operating Profit stood at Rs.1,677 Crores as on 30th September 2023 as against Rs.1,494 Crores as on 30th September 2022. 

•  Net profit for the quarter ended 30th September 2023 stood at Rs.625 Crores as against Rs. 501 Crores for the quarter ended 30th September 2022. 

•  Total Income for the quarter ended 30th September 2023 is Rs.6,935 Croresas against Rs.5,852Crores for the quarter ended 30th September 2022. 

•  Interest Income stood at Rs.5,821 Crores for the quarterended 30th September 2023 as against Rs.4,718 Crores for the quarter ended 30th September 2022. 

•  Non-Interest Income stood at Rs.1,114 Crores for the year ended 30th September 2023 as againstRs.1,135 Crores for the year ended 30thSeptember 2022. 

•  NPA MANAGEMENT: Gross NPA as of 30th September 2023 stood at Rs.9893 Crores with ratio of 4.74% as against Rs.14,726 Crores with ratio of 8.53% as on 30th September 2022. GNPA has reduced both in quantum and as a percentage of Gross Advances(YoY). 

• Reduction in Gross NPA for the quarter ended 30th September 2023 stood at Rs.4,833 Crores as against year ended 30th September 2022. 

• Total Cash Recovery for September 2023 was Rs.435Crores as againstRs.494 Crores in September 2022. 

• Net NPA as on 30th September 2023 stood at Rs.1,364 Crores with ratio of 0.68% as against Rs.4,148 Crores with ratio of 2.56% as on 30th September 2022 thus reducing Net NPA by Rs.2,784 Crores in absolute terms.

• Provision Coverage Ratio stood at 96.76% as on 30th September 2023 as against 90.94% as on 30th September 2022. Bank has made required provisioning in advances in specific Accounts to improve Net NPA. 

1. KEY FINANCIALRATIOS (YoY): 

• Average Cost of Deposit is 4.69% as on 30.09.2023as against 4.11% as on 30.09.2022. 

• Average Yield on Advances stood at 8.78% as on 30.09.2023 as