Mumbai, 12.05.2023: Indian Overseas Bank has reported 17.12 % rise in Net profit to Rs 650 Cr for the quarter ended march 2023 as against Rs 555 Cr for December 2022 quarter. The Year on year Net profit of the bank has grown by 22.75 % to Rs 2099 Cr from Rs 1710 Crore as reported in the financial year 2021-22 on the back of strong growth in Net Interest Income and Improvement in asset quality
On the asset quality side, the bank has seen decrease in both gross NPA & Net NPA. The Gross NPA of the Bank has deceased to Rs 14,072 Cr (7.44%) as on 31.03.2023 from Rs 14,333 (8.19%) as reported in 31.03.2022. Similarly, the Net NPA of the bank has decreased to Rs 3,266 Cr (1.83 %) from Rs. 4,000 Cr (2.43 %) for the above said period.
The provision requirement for NPA has decreased by 26.52 % to Rs 2,499 Cr as on 31.03.2023 as against Rs 3401 Cr reported in the previous year due to improvement in the asset quality. The credit cost of the bank has reduced to 1.70 % as on 31.03.2023 as against 2.35 % reported in the last year.
The Net Interest Margin of the bank stood at 3.20 % as on quarter ended March 2023. The Return on asset of the bank also increased to 0.83 % as on quarter ended March 2023 as against 0.73 % in the previous quarter.
The Capital Adequacy ratio has improved to 16.10 % as on 31.03.2023 as against 15.16 % as on 31.12.2022 and as against 13.83 % as on 31.03.2022.
The Net Interest income of the bank has increased by 30.82 % to Rs 8,256 crore as on 31.03.2023 from Rs 6311 Cr reported in the previous financial year on the back of strong credit growth. The credit growth of the bank has increased by 21.31 % (YoY) to Rs 1,89,009 Cr as on March 31st 2023.
Capital raising Plan of the Bank for the year 2023-24.
The Bank has planned to raise paid-up equity share capital amounting to Rs 1000 Cr by way of various options available. The Bank is also planning to issue Basel III Tier II bonds to a maximum extent of Rs 1000 Cr.
Branch Expansion Plan of the Bank for the year 2023-24
The Bank has planned to open 40 new branches across India under its branch expansion plan for the year 2023-24.
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