Indian Overseas Bank Q2FY24 Results: Standalone PAT Rises to Rs 624.58 Cr

Indian Overseas Bank Q2FY24 Results: Standalone PAT Rises to Rs 624.58 Cr

Indian Overseas Bank Q2 results show revenue rise from 6227.34 to 6935.21 crores, an 11.37% increase in growth. EPS also rose from Rs.0.26 to Rs.0.33, up by 26.92%.

Financial Results Q2FY2024 Quarter-on-Quarter Basis:

Indian Overseas Bank shared its Q2 results on Friday. They earned 6935.21 crores in revenue this quarter, but that’s more than the 6227.34 crores they made last quarter. The bank’s growth increased by 11.37 percent when comparing the two quarters.

In terms of profits, Indian Overseas Bank’s PAT (Profit After Tax) for this quarter was 624.58 crores, up from 500.35 crores in the previous quarter. Their quarter-to-quarter growth inclined by 24.83 percent.

The Bank’s EPS (Earnings Per Share) this quarter is Rs.0.33, which is an increase of 26.92% from the Rs.0.26 EPS in the previous quarter.

In addition, the Bank’s net NPA (Non-Performing Assets) decreased to 0.68% this quarter from 1.44% in the previous quarter, resulting in a 76 basis point decrease in the bank’s net NPA.

Financial Results Q2FY2024 Year-over-Year Basis:

The bank made a total revenue of 6935.21 crores this year (2023), which is 18.50 percent higher than last year’s total revenue of 5852.45 crores.

This Year’s PAT (Profit After Tax) is 624.58 crores, which is also 24.58% higher than last year’s PAT of 501.34 crores.

The EPS (Earnings Per Share) for this year is Rs.0.33, which is 22.22% more than the EPS of Rs.0.27 earned last year.

The bank’s gross NPA (Non-Performing Assets) dropped to 4.74% this year from 8.53% in the previous year, resulting in a decrease of 379 basis points in the bank’s gross NPA.

In addition, the bank’s net NPA (Non-Performing Assets) decreased to 0.68% this year from 2.56% in the previous year, resulting in a 188 basis point decrease in the bank’s net NPA.

The CAR (capital adequacy ratio) of the bank increased to 17 percent this year from 15.14 percent in the previous year.

The ROA (return on assets) of the bank increased to 0.75 percent in this quarter from 0.65 percent in the previous year.

Indian Overseas Bank Share Dividend Announcement / Record Date:

The record date for the dividend has not arrived yet.

About Indian Overseas Bank:

Indian Overseas Bank (IOB) is a Chennai-based public sector bank in India. With approximately 3,220 domestic branches, 2 Digital Banking Units (DBUs), around 4 foreign branches, and a representative office, IOB was established in February 1937 by M. Ct. M. Chidambaram Chettyar. It was founded with a dual mission of excelling in foreign exchange operations and overseas banking. Over the years, IOB has achieved numerous significant milestones in the Indian banking sector.

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