Indian Overseas Bank share Price

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.

• 9MFY23:

  • Total business stood at Rs 4,32,530 crore in 9MFY23, as against Rs 3,95,434 crore in 9MFY22.

  • Total deposits stood at Rs 2,57,480 crore in 9MFY23, as against Rs 2,47,118 crore in 9MFY22.

  • 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.

  • 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.

  • 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.

  • Net profit for the quarter ended 9MFY23 stood at Rs 555 crore, against net profit of Rs 454 crore for the quarter ended 9MFY22.

  • Total income for quarter ended 9MFY23 stood at Rs 6,006 crore, as against Rs 5,317 crore for the corresponding period last year.

  • Interest income stood at Rs 5,056 crore for the quarter ended 9MFY23, as against Rs 4,198 crore for the quarter ended 9MFY22.

  • Non-interest income stood at Rs 950 crore for the quarter ended 9MFY23, as against Rs 1,19 crore for the quarter ended 9MFY22.

  • 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).

  • Total cash recovery for December 2022 was Rs 460 crore, as against Rs 412 crore in 9MFY22.

  • 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.

  • Provision coverage ratio stood at 91.34% as on December 31, 2021.

Result PDF