Shares of Indian Overseas Bank (IOB) witnessed a spectacular rise of about 6 percent today on January 20. Currently, this stock is trading at Rs 53.15 on BSE with a gain of 4.98 percent. In fact, the bank has released strong results in the third quarter of FY25. After this news, huge buying is being seen in the shares of the company. With today’s rise, the market cap of the company has crossed Rs 1 lakh crore.
The stock’s 52-week high is Rs 83.80 and 52-week low is Rs 43.42. In the last one year, this stock has given a return of 21 percent to its investors.
Indian Overseas Bank’s net profit increased by 21%
Indian Overseas Bank reported a strong 21 per cent year-on-year growth in net profit in the October-December quarter of FY25. The bank’s consolidated net profit stood at Rs 875.27 crore in Q3FY25, compared to Rs 724.14 crore in the same period a year ago.
IOB earned interest of Rs 7115.88 crore during the quarter, which is 15 per cent higher than the interest earned in Q3FY24. The total income of the bank also increased by 13 percent to Rs 8415.34 crore as compared to the same quarter last year.
Improvement in NPA of Indian Overseas Bank
There has been a strong improvement in the company’s net non-performing assets (NPAs) on a standalone basis, which declined by over 25% to Rs 976 crore in Q3FY25. At present the percentage of NPA is 0.42 percent. IOB is one of the PSU banks. Along with the third quarter results, the bank announced that the Government of India held a 96.38 percent stake in the bank at the end of December.
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