Indian Overseas Bank falls despite reporting 19% rise in Q4 consolidated net profit
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Indian Overseas Bank is currently trading at Rs. 24.95, down by 0.28 points or 1.11% from its previous closing of Rs. 25.23 on the BSE.
The scrip opened at Rs. 25.46 and has touched a high and low of Rs. 25.79 and Rs. 24.81 respectively. So far 1360500 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 36.70 on 16-Dec-2022 and a 52 week low of Rs. 15.25 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 25.79 and Rs. 24.30 respectively. The current market cap of the company is Rs. 47482.86 crore.
The promoters holding in the company stood at 96.38%, while Institutions and Non-Institutions held 1.50% and 2.12% respectively.
Indian Overseas Bank has reported results for fourth quarter (Q4) and year ended March 31, 2023.
The bank has reported 17.69% rise in its net profit at Rs 650.07 crore for the quarter under review as compared to Rs 552.38 crore for the same quarter in the previous year. Total income of the bank increased by 15.80% at Rs 6622.42 crore for Q4FY23 as compared to Rs 5718.68 crore for the corresponding quarter previous year.
On consolidated basis, the bank has reported 18.82% rise in its net profit at Rs 655.63 crore for fourth quarter ended March 31, 2023 as compared to Rs 551.78 crore for the same quarter in the previous year. Total income of the bank increased by 15.91% at Rs 6630.57 crore for Q4FY23 as compared to Rs 5720.59 crore for the corresponding quarter previous year.
For the year ended March 31, 2023, the bank has reported 22.77% jump in its net profit at Rs 2098.79 crore as compared to Rs 1709.54 crore for the previous year. Total income of the bank increased by 8.67% at Rs 23509.08 crore for year under review as compared to Rs 21632.89 crore for year ended March 31, 2022.
For the year ended March 31, 2023, on the consolidated basis, the bank has reported 23.09% jump in its net profit at Rs 2103.99 crore as compared to Rs 1709.28 crore for the previous year. However, total income of the bank increased by 8.70% at Rs 23523.42 crore for year under review as compared to Rs 21641.17 crore for year ended March 31, 2022.
