<p>New Delhi: Indian Overseas Bank (IOB) on Friday reported a 25 per cent rise in net profit to Rs 625 crore in the September quarter on the back of a decline in bad loans.</p>.<p> The state-owned lender had posted a net profit of Rs 501 crore in the year-ago period.</p>.<p> Total income in the second quarter of the current fiscal rose to Rs 6,935 crore from Rs 5,852 crore in the same period a year ago, IOB said in a regulatory filing.</p>.<p> Interest income improved to Rs 5,821 crore for the quarter ended September 30 from Rs 4,718 crore in the same quarter a year ago.</p>.<p> Operating profit grew to Rs 1,677 crore in the quarter under review as against Rs 1,494 crore in the September 2022 quarter.</p>.Cipla profit rises 45% to Rs 1,156 crore, sales up 14.4% to Rs 6,590 crore in Q2.<p> The Chennai-based bank's asset quality showed an improvement as gross Non-Performing Assets (NPAs) declined to 4.74 per cent of gross advances at the end of the September quarter from 8.53 per cent a year ago.</p>.<p> Similarly, net NPAs or bad loans declined to 0.68 per cent as against 2.56 per cent in the year-ago period.</p>.<p> The provision coverage ratio of the bank saw an improvement at 96.76 per cent from 90.94 per cent in the same quarter a year ago.</p>.<p> The Net Interest Margin (NIM) of the bank increased to 3.12 per cent in the latest September quarter as compared to 2.79 per cent a year ago.</p>.<p> On the NIM outlook for FY24, IOB Managing Director Ajay Kumar Srivastava said it would be anything above 3 per cent.</p>.<p> With regard to recovery, he said the bank has recovered Rs 1,069 crore in the quarter while the fresh slippage was contained at Rs 300 crore during the same period.</p>.<p> He said the bank expects a recovery of about Rs 5,000 crore during this financial year as some bigger accounts would come up for resolution before the National Company Law Tribunal later this year.</p>
<p>New Delhi: Indian Overseas Bank (IOB) on Friday reported a 25 per cent rise in net profit to Rs 625 crore in the September quarter on the back of a decline in bad loans.</p>.<p> The state-owned lender had posted a net profit of Rs 501 crore in the year-ago period.</p>.<p> Total income in the second quarter of the current fiscal rose to Rs 6,935 crore from Rs 5,852 crore in the same period a year ago, IOB said in a regulatory filing.</p>.<p> Interest income improved to Rs 5,821 crore for the quarter ended September 30 from Rs 4,718 crore in the same quarter a year ago.</p>.<p> Operating profit grew to Rs 1,677 crore in the quarter under review as against Rs 1,494 crore in the September 2022 quarter.</p>.Cipla profit rises 45% to Rs 1,156 crore, sales up 14.4% to Rs 6,590 crore in Q2.<p> The Chennai-based bank's asset quality showed an improvement as gross Non-Performing Assets (NPAs) declined to 4.74 per cent of gross advances at the end of the September quarter from 8.53 per cent a year ago.</p>.<p> Similarly, net NPAs or bad loans declined to 0.68 per cent as against 2.56 per cent in the year-ago period.</p>.<p> The provision coverage ratio of the bank saw an improvement at 96.76 per cent from 90.94 per cent in the same quarter a year ago.</p>.<p> The Net Interest Margin (NIM) of the bank increased to 3.12 per cent in the latest September quarter as compared to 2.79 per cent a year ago.</p>.<p> On the NIM outlook for FY24, IOB Managing Director Ajay Kumar Srivastava said it would be anything above 3 per cent.</p>.<p> With regard to recovery, he said the bank has recovered Rs 1,069 crore in the quarter while the fresh slippage was contained at Rs 300 crore during the same period.</p>.<p> He said the bank expects a recovery of about Rs 5,000 crore during this financial year as some bigger accounts would come up for resolution before the National Company Law Tribunal later this year.</p>