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Indian Overseas Bank net profit rises 21% on better asset quality, recoveries
The New Indian Express Bengaluru
|January 21, 2025
CHENNAI-based public sector lender Indian Overseas Bank has reported a close to 21% increase in net income at ₹874 crore for the December quarter of the current financial year (FY25), boosted by improved asset quality and higher recoveries.
In the year ago period, the public sector lender had earned ₹723 crore in net income.
In an earnings call on Monday, Ajay Kumar Srivastava, managing director and chief executive of the bank, told reporters that the bank's total income climbed more than 13% to ₹8,409 crore from ₹7,437 crore, of which the key interest income increased by 15.16% to ₹7,112 crore and the net interest income grew higher 16.30% to ₹2,789 crore.
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