Indian Overseas Bank (IOB) reported a strong set of quarterly numbers on Friday, October 27. The state-run lender’s standalone net profit increased 24.6 per cent on a year-on-year basis to Rs 624.6 crore for the July-September period, according to a regulatory filing.
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Its net interest income (NII), or the difference between interest earned and interest paid, came in at Rs 2,345.9 crore for the quarter ended September 30, an increase of 20.1 per cent compared with the corresponding period a year ago.
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The IOB stock gained by as much as Rs 2.1, or 5.6 per cent, to Rs 40.5 apiece on BSE.
