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Indian Overseas Bank conducted a conference call on 22 July 2024 to discuss the financial results for the quarter ended June 2024. Ajay Kumar Srivastava, MD & CEO of the company addressed the call:
Highlights:
The bank has recorded strong 16% yoy and 5% qoq growth in its business volumes to Rs 528773 crore end June 2024. Deposits have increased by 13% yoy and 4% qoq to Rs 2.99 lakh crore, while advances increased by 20% yoy and 5% qoq to Rs 2.3 lakh crore end June 2024.
The bank has witnessed decline in the provisions for NPA due to reduction in the first fresh slippages of NPAs and decline in the NPA book.
The yield on advances has improved to 8.75% driven by marginal increase in MCLR rate and increasing share of retail, agriculture and MSME loan Book. The bank has witnessed an increase in cost of deposits to 4.95% and yield on investment has increased to 6.84% in Q1FY2025.
The return on assets has improved to 0.7% and RoE to 14.1% in Q1FY2025.
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