IOB Q3 net profit up 23%, helped by interest income and credit growth

Slippages at Rs 1,556 crore, out of which Rs 200 crore was in education sector

Indian Overseas Bank (IOB) on Thursday reported a 23 per cent rise in net profit for the third quarter of Financial Year 2022-23 (FY23) at Rs 555 crore, compared to Rs 451 crore the same time last year.

The state-owned bank’s total income increased by 13 per cent to Rs 6008.07 crore in 2022-23, from Rs 5318.8 crore in the third quarter of 2021-22. “Our net profit numbers are mainly due to increase in interest income and credit growth. Our net interest income (NII) has seen a growth of around 44 per cent year-on-year to Rs 2,272 crore,” said Ajay