Indian Overseas Bank (IOB) Q1 24/25 earnings summary

Executive summary

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2024, with limited review by statutory auditors.

• No deviation or variation in utilization of funds raised; no new Tier 1 funds raised during the quarter.

Financial highlights

• Standalone net profit for Q1 FY25 was ₹63,281 lakhs, up from ₹50,035 lakhs in Q1 FY24, but down from ₹80,810 lakhs in Q4 FY24.

• Standalone total income for Q1 FY25 was ₹7,56,800 lakhs, up from ₹6,22,734 lakhs in Q1 FY24.

• Consolidated net profit for Q1 FY25 was ₹64,866 lakhs, up from ₹50,403 lakhs in Q1 FY24.

• Gross NPA ratio improved to 2.89% (from 7.13% YoY), Net NPA to 0.51% (from 1.44% YoY).

• Provision Coverage Ratio stood at 96.96% as of June 30, 2024.

Outlook and guidance

• Bank continues to follow prudent provisioning and tax practices, with deferred tax asset reversals and full provisioning for frauds.

• No penalties levied by RBI during the quarter.