State-owned Indian Overseas Bank (IOB) on Friday reported an 18 per cent rise in its profit. 650 crore in the March quarter due to increase in interest income and improvement in asset quality.
The Chennai-based bank posted a net profit of 552 crore in the same quarter a year ago.
total income of the bank increased 6,622 crore in the latest March quarter from Rs. 5,719 crore in the year-ago period, IOB said in a regulatory filing.
Bank’s interest income increased 5,192 crore as against 4,215 crore in the fourth quarter of FY22.
On the asset quality front, the bank registered an improvement with gross NPAs (non-performing assets) declining to 7.44 per cent as compared to 9.82 per cent a year ago.
At the same time, the net NPA also came down to 1.83 per cent as against 2.65 per cent in the year-ago period.
The capital adequacy ratio improved from 13.83 per cent to 16.10 per cent in the quarter under review in FY12.
The board of the bank has given approval to raise paid-up equity capital, which aggregates to 1,000 crore through Follow-on Public Offer (FPO) / Rights issue / Qualified Institutional Placement (QIP) or any other mode.
In addition, the board has also given approval to raise Tier II capital in aggregate 1,000 crore by way of issuance of Basel III compliant Tier II bonds or such other securities.
The text of this story is published from a wire agency feed without any modification. Only the headline has been changed.
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