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Indian Overseas Bank's profit surges 76% to ₹1,111 crore
Indian Overseas Bank (IOB) just posted a big win for the June quarter—its net profit jumped 76% year-on-year to ₹1,111 crore.
The main driver? More money coming in from interest, which grew to ₹7,386 crore compared to last year.
Bad loans down, operating profit up
IOB's financial health is looking better too.
The bank managed to cut its bad loans (gross NPAs) down to 1.97% from 2.89%, and net NPAs dropped to just 0.32%.
Operating profit rose nicely to ₹2,358 crore, and its capital adequacy ratio nudged up to a solid 18.28%.