Indian Overseas Bank (IOB) Q2 24/25 earnings summary

Executive summary

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

• Financials prepared in accordance with RBI and SEBI guidelines, incorporating necessary provisions and prudential norms.

Financial highlights

• Standalone net profit for Q2 FY25 was ₹77,716 lakhs, up from ₹62,458 lakhs in Q2 FY24; consolidated net profit was ₹77,962 lakhs.

• Total standalone income for Q2 FY25 rose to ₹8,48,414 lakhs from ₹6,93,521 lakhs in Q2 FY24; consolidated total income was ₹8,48,990 lakhs.

• Operating profit (standalone) for Q2 FY25 was ₹2,12,822 lakhs, up from ₹1,67,712 lakhs in Q2 FY24.

• Gross NPA ratio improved to 2.72% (from 4.74% YoY); Net NPA at 0.47% (from 0.68% YoY).

• Provision Coverage Ratio stood at 97.06% as of September 30, 2024.

Outlook and guidance

• Bank continues to follow prudent provisioning and expects to maintain strong asset quality.

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