Chennai. The net profit of public sector Indian Overseas Bank (IOB) has increased by 26.60 percent to Rs 633 crore in the April-June quarter of the current financial year. The bank gave this information to the stock market on Monday. In the same quarter a year ago, the bank had a net profit of Rs 500 crore. The total income of the bank increased by 21.54 percent to Rs 7,568 crore in the first quarter ended June 2024 from Rs 6,227 crore in the same quarter a year ago.

The bank's interest income grew by 20.48 percent to Rs 6,535 crore in the quarter ended June 2024 from Rs 5,424 crore in the same quarter a year ago. Ajay Kumar Srivastava, Managing Director and Chief Executive Officer (CEO) of the bank, said that the bank's profit has increased mainly due to increase in income.

He said, “We have been able to control interest income as well as non-interest income and expenditure to some extent.” The bank's gross NPA (non-performing asset) stood at 2.89 percent in the quarter under review, which was 7.13 percent a year ago. At the same time, net NPA stood at 0.51 percent in the quarter ended June 2024, which was 1.44 percent in the same quarter a year ago. Srivastava said, “The board of directors has approved raising capital of Rs 5,000 crore. We can raise capital through qualified institutional placement this year. After this, the share of the Government of India may be reduced by 10 to 12 percent.