Indian Overseas Bank (IOB) has been in focus on Wednesday. On January 15, 2025, IOB share price opened at ₹51.80, down from its previous close of ₹53.77. At 10:34 AM, the share price of IOB was trading at ₹49.90, down by 7.20% on the NSE.
This focus was followed by news reports stating that ahead of the upcoming Union Budget for 2025-2026, the Indian government may reduce its stake in five major Public Sector Undertaking (PSU) banks.
For the quarter ending September 30, 2024 (Q2 FY25), the company reported strong financial performance, with total business showing a significant year-on-year (YoY) growth of 12.2%. Total business reached ₹5,40,801 crore, up from ₹4,82,006 crore in the previous year. This growth was driven by a 13.75% increase in total deposits, which stood at ₹3,10,652 crore, as well as a 10.16% rise in gross advances, which amounted to ₹2,30,149 crore. These positive metrics highlight the company’s strong position in the market and its continued expansion.
The bank also reported substantial growth in profitability, with operating profit increasing by 26.89% YoY to ₹2,128 crore, up from ₹1,677 crore in the same period last year. Net profit saw a notable rise of 24.32% YoY, reaching ₹777 crore.
Indian Overseas Bank (IOB), founded on February 10, 1937, by Shri M.Ct.M. Chidambaram Chettyar, has a deep-rooted legacy and a robust presence in the banking sector. Nationalised in 1969, IOB now operates 3,277 branches, 3,501 ATMs, and employs 8,194 business correspondents across India. The bank also has an international presence in four countries: Singapore, Hong Kong, Thailand, and Sri Lanka, catering to over 41 million active customers.
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Published on: Jan 15, 2025, 10:52 AM IST
Nikitha Devi
Nikitha is a content creator with 6+ years of experience in the financial domain. Specialising in personal finance, investments, and market insights, Nikitha simplifies complex financial topics, making them accessible to readers.
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