Indian Overseas Bank
Q3FY23 Quarterly Result Announced for Indian Overseas Bank
Indian Overseas Bank announced Q3FY23 results:
- Q3FY23:
- Total business stood at Rs 4,32,530 crore in Q3FY23, as against Rs 4,34,441 crore in Q3FY22.
- Total deposits stood at Rs 2,57.480 crore in Q3FY23, as against Rs 2,61,728 crore in Q3FY22.
- CASA of the bank is Rs 1,14,591 crore at 44.75% in Q3FY23, as against Rs 1,11,924 crore at 42.76% in Q3FY22.
- Gross advances stood at Rs 1,75,050 crore in Q3FY23, as against Rs 1,72,713 crore in Q3FY22.
- Operating profit in Q3FY23 stood at Rs 1,540 crore, as against Rs 1,494 crore in Q3FY22.
- Net profit for Q3FY23 stood at Rs 555 crore, as against Rs 501 crore in Q3FY22.
- Total income for the quarter ended December 31, 2022, is Rs 6,006 crore, as against Rs 5,852 crore in Q3FY22.
- Interest income stood at Rs 5,056 crore in Q3FY23, as against Rs 4,718 crore in Q2.
- Non-interest income stood at Rs 950 crore in Q3FY23, as against Rs 1,135 crore in Q3FY22.
- NPA MANAGEMENT: Gross NPA as of Q3FY23 stood at Rs 14,333 crore with a ratio of 8.19%, as against Rs 14,726 crore with a ratio of 8.53% in Q3FY22. GNPA has reduced both in quantum and as a percentage of Gross Advances (QoQ).
- Reduction in NPA for the quarter ended December 2022 stood at Rs 393 crore
- Total cash recovery for December 2022 was Rs 460 crore, as against Rs 494 crore in September 2022.
- Net NPA in Q3FY23 stood at Rs 4,000 crore with a ratio of 2.43%, as against Rs 4,148 crore with a ratio of 2.56% in Q3FY22, thus reducing NPA by Rs 148 crore in absolute terms.
- Provision coverage ratio stood at 91.34%, as against 90.94% in Q3FY22. Bank has made required provisioning in advances in specific accounts to improve Net NPA.
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9MFY23:
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Total business stood at Rs 4,32,530 crore in 9MFY23, as against Rs 3,95,434 crore in 9MFY22.
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Total deposits stood at Rs 2,57,480 crore in 9MFY23, as against Rs 2,47,118 crore in 9MFY22.
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CASA of the bank stood at 44.75% in 9MFY23, as against 42.53% in 9MFY22. Total CASA has increased from Rs 1,05,105 crore in 9MFY22 to Rs 1,14,591 crore in 9MFY23.
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Gross advances stood at Rs 1,75,050 crore in 9MFY23, as against Rs 1,48,316 crore in 9MFY22. The bank has evolved a policy of not taking fresh exposures in stressed sectors, below hurdle-rated accounts, and BB and below-rated accounts. The bank has also exited from accounts in the stressed sectors, wherever feasible.
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Operating profit for the quarter ended 9MFY23 was Rs 1,540 crore, as against Rs 1,461 crore for the quarter ended 9MFY22, an increase of Rs 79 crore.
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Net profit for the quarter ended 9MFY23 stood at Rs 555 crore, against net profit of Rs 454 crore for the quarter ended 9MFY22.
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Total income for quarter ended 9MFY23 stood at Rs 6,006 crore, as against Rs 5,317 crore for the corresponding period last year.
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Interest income stood at Rs 5,056 crore for the quarter ended 9MFY23, as against Rs 4,198 crore for the quarter ended 9MFY22.
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Non-interest income stood at Rs 950 crore for the quarter ended 9MFY23, as against Rs 1,19 crore for the quarter ended 9MFY22.
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NPA MANAGEMENT: Gross NPA as on December 31, 2022, stood at Rs 14.333 crore with a ratio of 8.19%, as against Rs 15,426 crore with a ratio of 10.40% in 9MFY22. GNPA has reduced both in quantum and as a percentage of Gross Advances (YoY).
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Total cash recovery for December 2022 was Rs 460 crore, as against Rs 412 crore in 9MFY22.
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Net NPA reduced to Rs 4,000 crore i.e. 2,43% for the quarter ended Dec 31, 2022, as against Rs 3,587 crore ie. 2.63% in 9MFY22. The NPA reduced by 0.20% YoY.
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Provision coverage ratio stood at 91.34% as on December 31, 2021.
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