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Indian Overseas Bank Q3 Results: Profit climbs 21% YoY to Rs 875 cr, stock up 6%

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State-owned Indian Overseas Bank (IOB) on Monday said its consolidated net profit jumped nearly 21% year-over-year (YoY) to Rs 875.27 crore for the third quarter ended December 2024, compared to a profit of Rs 724.14 crore in the corresponding quarter of the previous year.

Shares of the public sector undertaking (PSU) climbed as much as 6% on Monday to reach an intraday high of Rs 53.66 per share on the BSE after the company posted its December quarter results.

Indian Overseas Bank’s net interest income (NII), which is interest earned minus interest expended, climbed 16% YoY to Rs 2,789 crore in the third quarter ended December 31, from Rs 2,398 crore in the same quarter last year.

On the asset quality front, the lender said its gross non performing assets ratio improved to 2.55% in the third quarter of fiscal 2025, as compared to 2.72% in the previous quarter of the same financial year. Similarly, net non performing assets improved to 0.42% in the December quarter, from 0.47% in the second quarter of FY25.

In the December quarter of FY25, provisions stood at Rs 1,028.6 crore, as against Rs 701.42 crore in the same quarter last year. The provisions in the September quarter of fiscal 2025 was Rs 1,146.3 crore.

The lender’s gross non performing assets (GNPA) improved to Rs 6,070.5 crore in the third quarter of FY25, from Rs 6,249.07 crore in the previous quarter of the same financial year.Indian Overseas Bank (IOB), a public sector undertaking (PSU) bank, disclosed in its Q3 results that the Government of India held a 96.38% stake in the bank as of December.Over the past year, the PSU stock has delivered returns of more than 19%, despite recording an 18% decline in the last six months.

Also read | Kalyan Jewellers shares up 9% after Motilal denies bribery allegations

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