IOB financial results Q1: reports profit at Rs 392 cr

New Delhi: Indian Overseas Bank, the Public Sector Bank has declared its quarter-first results for the financial year 2022-2023. The bank reported a profit of Rs. 392 crores for the quarter ended 30.06.2022.

Performance Highlights For The Quarter Ended June 30, 2022 - YoY

1. Total business increased to Rs. 4,23,589 crores as on 30th June 2022 as against Rs.3,81,885 crores as on 30th June 2021.

2. Total deposits increased to Rs.2,60,045 crores as on 30th June 2022 as against Rs.2,42,941crores as on 30th June 2021.

3. CASA of the Bank improved to 43.07% as on 30th June 2022 against 41.63% as on 30th June 2021. Total CASA has increased from Rs.1,01,129 crores as on 30.06.2021 to Rs.1,12,012 crores as on 30.06.2022.

4. Gross Advances increased to Rs.1,63,544 crores as on 30th June 2022 against Rs.1,38,944 crores as on 30th June 2021. 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 accounts in the stressed sectors due to improve the quality of the assets.

5. Operating Profit for Quarter ended 30th June 2022is decreased to Rs.1026 crore from Rs.1202crore, due to Marked to the Market provision of Rs.340.16 crore on investments.

6. Provisions & Contingencies for the quarter ended June’22 is Rs.630 crore as against Rs.868 crores for the quarter ended 30th June’21.

7. Net Profit: Net Profit for the quarter ended 30th June 2022 is Rs. 392 crores as against Net Profit of Rs. 327.00 crores for the quarter ended 30th June 2021.

8. Total income for the quarter ended 30th June 2022 stood at Rs. 5028 crores as against Rs.5155 crores for the quarter ended 30th June 2021.

9. Interest income stood at Rs.4435 crores for the quarter ended 30th June 2022 as against Rs. 4,063 crores for the quarter ended 30th June 2021.

10. Non-interest income is Rs. 593crore for the quarter ended 30th June 2022 as against Rs.1,092crore for the quarter ended 30th June 2021 due to an increase in other income.

11. Total Expenditurestood at Rs.4002 crore for the quarter ended 30th June 2022 Increased as against Rs.3,953 crores for the quarter ended 30th June 2021.

12. NPA MANAGEMENT: Gross NPA as of 30th June 2022 is at Rs.14769 crores with a ratio of 9.03 % as against Rs. 15,952 crores with a ratio of 11.48% as on 30th June 2021.

13. Total Reduction in NPA of Rs.1006 crore achieved for the quarter ended June 22as against the NPA Reduction of Rs. 1,616crores during the quarter ended June‘21

14. Net NPA is at Rs.3698 crore with a ratio of 2.43% as on 30th June 2022 as against Rs. 3,998 crores with a ratio of 3.15% as on 30th June 2021, reducing it by Rs.300 crores in absolute terms.

15. Provision Coverage Ratio is improved to 91.86% as on 30th June 2022 as against 91.56% as on 30th June 2021.

Performance Highlights for the Quarter ended June 30, 2022 QoQ (Sequential)

1. Total business stood at Rs.4,23,589 crores as on 30th June 2022 as against Rs. 4,17,960 crores as on 31st March 2022. (including Investment)

2. Total deposits increased to Rs.2,60,045 crores as on 30th June 2022 as against Rs.2,62,159crores as on 31st March 2022.

3. CASA of the Bank stood at43.07 % as on 30th June 2022 as against 43.44% as on 31st March 2022.

4. Gross Advances stood at Rs. 1,63,544 crores as on 30th June 2022 as against Rs.1,55,801crores as on 31st March 2022.

5. Operating Profit for the Quarter ended 30th June 2022 stood at Rs.1026 crore as against Rs. 1,614 crores for the quarter ended 31st March 2022.

6. Net Profit for the quarter ended 30th June 2022 stood at Rs.392 crores as against Rs.552 crores for the quarter ended 31st March 2022.

7. Total income for the quarter ended 30th June 2022 is Rs.5028 crore as against Rs.5719 crores for the quarter ended 31st March 2022.

8. Interest income stood at Rs.4435 crores for the quarter ended 30th June 2022 as against Rs.4215 crores for the quarter ended 31st March 2022.

9. Non-interest income stood at Rs. 593 crores for the quarter ended 30th June 2022 as against Rs. 1504 crore for the quarter ended 31st March 2022.

10. Total Expenditure reduced from Rs.4104 crores for the quarter ended 31st March 2022 to Rs. 4002 crores for the quarter ended 30th June 2022.

11. NPA MANAGEMENT: Gross NPA reduced to Rs.14769 crore with a ratio of 9.03% as on 30th June 2022as against Rs.15,299 crores with a ratio of 9.82% as on 31st March 2022.

12. Total Reduction in NPA is Rs. 1006 crore achieved for the quarter ended June ’22 as against Rs.1386 crore achieved for the quarter ended March ’22.

13. Net NPA as of 30th June 2022 reduced to Rs.3698 crores with a ratio of 2.43 % as against Rs.3825 crores with a ratio of 2.65% as on 31st March 2022 thus reducing it by Rs.127 crores in absolute terms.

14. Provision Coverage Ratio is improved to 91.86% as against 91.66% as on 31st March 2022.

The Bank has qualified for the ‘Exemplary Award of Par Excellence’ under “Atal Pension Yojana” for achieving 187% of the target under the campaign beat the best & be the best held by PFRDA.