Indian Overseas Bank News

Indian Overseas Bank share price jumps 5% on I-T refund of Rs 1,359 crore

The rise in the Indian Overseas Bank share price came after the company announced that it has received a tax refund from the Income Tax (I-T) Department of Rs 1359,29,17,840 (over Rs 1,359 crore)

Here's why this PSU bank share was up 3% on November 27; details inside

The up move in Indian Overseas Bank scrip came after the company announced that it has received tax refunds of Rs 1,238.31 crore from the Income Tax Department (I-T Department)

Nifty PSU Bank index soars 4%; Indian Bank, BOB zoom up to 12% post Q2 nos

At 02:20 pm; the Nifty PSU Bank index was the top gainer among sectoral indices, up 4 per cent, as compared to 0.8 per cent rise in Nifty 50.

Indian Overseas Bank Q2 results: Net profit rises 24% to Rs 777 crore

State-owned Indian Overseas Bank (IOB) on Thursday posted a 24 per cent surge in net profit to Rs 777 crore in the second quarter ended September 2024. The lender had earned a net profit of Rs 625 crore in the same quarter a year ago. Its total income increased to Rs 8,484 crore during the quarter under review against Rs 6,935 crore in the same period last year, IOB said in a regulatory filing. The bank earned an interest income of Rs 6,851 crore during the quarter compared to Rs 5,821 crore in the year-ago period. With regard to asset quality, the bank was able to reduce gross non-performing assets (NPAs) to 2.72 per cent of the gross loans by the end of September 2024 from 4.74 per cent a year ago. Similarly, net NPAs or bad loans came down to 0.47 per cent from 0.68 per cent at the end of the second quarter of the previous fiscal. As a result, provisions for bad loans declined significantly to Rs 71 crore compared to Rs 1,121 crore earmarked in the same quarter of FY24. Provi

Indian Overseas Bank bags Rajbhasha Kirti Puraskar for 2nd consecutive time

Public sector Indian Overseas Bank has secured the Rajbhasha Kirti Pratham Puraskar first prize for the second consecutive year in the Official Language Implementation category for 2023-24 by the Ministry of Home Affairs. The recognition underscores the commitment of the city-headquartered bank in promoting the use of Hindi language and enhancing the implementation of official language policies across its operations. Union Home Minister Amit Shah presented the award to the bank's Managing Director and CEO Ajay Kumar Srivastava in New Delhi at a function to mark the Hindi Day Celebrations and the Diamond Jubilee of Official Languages, a press release from the Bank said. Indian Overseas Bank currently has 3,264 branches, 3,500 ATM network and 7,251 business correspondents. It also offers its service in Singapore, Hong Kong, Thailand and Sri Lanka. The Ministry of Home Affairs introduced the Rajbhasha Kirti Puraskar award scheme to encourage the implementation of the official language

Nifty PSU Bank index dips below 200-DMA after more than 2 years; what next?

The PSU Bank index had zoomed 200% to a high of 8,053 after breaking above its 200-DMA in July 2022. At present, most PSU Bank stocks, barring SBI, are trading below this long-term moving average.

Nifty PSU Bank index surges 3%; PNB soars 7% on strong Q1 results

PSU Banks in focus post Q1 earnings: PNB, BoI, BoB, Uco Bank and IOB rallied over 3% each. SBI, Canara Bank, Union Bank of India, Indian Bank and Central Bank were up 2-3%.

Indian Overseas Bank Q1 results: Net profit rises 26.6% to Rs 633 crore

Public sector Indian Overseas Bank on Monday reported a 26.60 per cent rise in its net profits for the April-June 2024 quarter at Rs 633 crore. The city-headquartered bank had registered a net profit of Rs 500 crore during the corresponding quarter of last year. Total income during the quarter under review grew to Rs 7,568 crore up by 21.54 per cent from Rs 6,227 crore registered in the same quarter of last year. Total business of the bank during the quarter under review grew by 16.04 per cent to Rs 5,28,773 crore from Rs 4,55,664 crore registered in the same period of last year. For the quarter ending June 30, 2024 the Net Interest Margin stood at 3.06 per cent while the Provision Coverage Ratio improved to 96.96 per cent registering an improvement of 293 basis points. The Non-Interest Income grew by 28.64 per cent year-on-year to Rs 1,033 crore in Q1FY'25 as against Rs 803 crore registered in Q1 of last financial year. The interest income grew by 20.48 per cent year-on-year to

IOB, UCO Bank likely to raise funds through QIP route next month

Another public sector bank, Punjab & Sind Bank, is planning to raise Rs 2,000 crore this year. The government holds 98.25 per cent in the state-owned bank

RVNL surpasses BPCL, PNB in market cap ranking; stock zooms 54% in 1 week

At 11:50 am; with Rs 1.33 trillion market cap, RVNL was trading 4.5% higher at Rs 638.25 on the BSE, while, BPCL and PNB's market cap stood at nearly Rs 1.32 trillion, data shows.

Public sector banks on a roll: IOB, Central Bank zoom up to 9% on July 9

PSB shares: The Nifty PSU Bank index was trading as the top sectoral gainer on the NSE