- IOB’s net income increased by 30% year-over-year, reaching 10.5 billion rupees, up from 8.08 billion rupees last year.
- The bank’s gross non-performing assets decreased to 2.14%, compared to 2.55% in the previous quarter.
- IOB’s operating profit rose by 34% year-over-year, totaling 26.2 billion rupees.
- Provisions rose slightly by 2.9% quarter-over-quarter, amounting to 10.6 billion rupees.
- Interest income experienced a 15% year-over-year increase, reaching 76.3 billion rupees.
- Interest expenses also saw a rise of 17% year-over-year, totaling 45.1 billion rupees.
- Other income decreased by 36% year-over-year, recorded at 15.8 billion rupees.
- The coverage ratio for non-performing loans slightly improved to 97.3% from 97.1% in the prior quarter.
- The bank has approved the raising of 40 billion rupees through issuing shares and 10 billion rupees via Tier II bonds.
- There were no buy, hold, or sell recommendations reported.
A look at Indian Overseas Bank Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 3 | |
| Dividend | 1 | |
| Growth | 4 | |
| Resilience | 3 | |
| Momentum | 3 | |
| OVERALL SMART SCORE | 2.8 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Indian Overseas Bank, with its Value score of 3, indicates a moderate assessment on its valuation relative to its peers. This suggests that the market may not perceive the company as significantly undervalued or overvalued. On the flip side, its Dividend score of 1 signals a lower focus on dividend payouts, implying that investors seeking dividend income may find other opportunities more attractive.
Looking ahead, Indian Overseas Bank‘s Growth score of 4 showcases a positive outlook for the company’s potential for expansion and profitability. Coupled with a Resilience score of 3, highlighting a moderate ability to weather economic uncertainties or market downturns, and a Momentum score of 3, indicating steady performance trends, the bank appears poised for growth and stability in the long term.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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