Indian Overseas Bank(IOB) Q3 Profit climbs 21% YoY

Indian Overseas Bank (IOB), a state-owned bank, reported on Monday that its consolidated net profit for the third quarter ended December 2024 increased by about 21% year-over-year (YoY) to Rs 875.27 crore, up from a profit of Rs 724.14 crore in the same period the year before. 

In the third quarter that concluded on December 31, Indian Overseas Bank's net interest income (NII), which is calculated as interest generated less interest spent, increased 16% year over year to Rs 2,789 crore from Rs 2,398 crore in the same quarter the previous year.

On the asset quality front, the lender said its gross non performing assets ratio improved to 2.55% in the third quarter of fiscal 2025, as compared to 2.72% in the previous quarter of the same financial year. Similarly, net non performing assets improved to 0.42% in the December quarter, from 0.47% in the second quarter of FY25.

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In the December quarter of FY25, provisions stood at Rs 1,028.6 crore, as against Rs 701.42 crore in the same quarter last year. The provisions in the September quarter of fiscal 2025 was Rs 1,146.3 crore.

The lender’s gross non performing assets (GNPA) improved to Rs 6,070.5 crore in the third quarter of FY25, from Rs 6,249.07 crore in the previous quarter of the same financial year.