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Indian Overseas Bank reported an all-time high quarterly net profit of ₹1,355 crore, up 56.18% YoY, driven by strong credit growth of 24.13% YoY and improved asset quality. Gross NPA ratio improved to 1.54% from 2.55% a year ago, while net NPA fell to 0.24%. The bank maintained a healthy domestic CASA ratio of 41.29% and NIM of 3.32%. Management guided for FY26 credit growth of 24-25% and expects GNPA to reduce further by 5-7 bps in Q4. A ₹4,000 crore QIP is planned in Q4 to reduce government stake. Key risks include elevated overseas NPA of 8.5% and potential margin pressure from rate cuts, though management expects NIM to stay in 3.3-3.4% range.
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Guidance to track
- Management expects to end the year with credit growth of 24-25%, driven by RAM and selective corporate lending.
- Gross NPA ratio expected to decline by 5-7 basis points in the March quarter.
- Recovery expected to be ₹1,400-1,500 crore in Q4, taking full-year recovery to over ₹4,000 crore.
- Global NIM expected to be maintained at 3.3-3.4% despite rate cuts.
Risks flagged
- Overseas gross NPA is high at 8.5% due to legal delays in recovery; no timeline for resolution.
- CASA ratio could fall if retail term deposit growth continues to outpace savings account growth, though management expects to maintain above 41%.
- Government holding at 92.44% requires significant dilution to meet SEBI norms; ₹4,000 crore QIP planned but further OFS may dilute equity.
- Bank created ₹800 crore additional standard provision and ₹1,500 crore ECL provision, which may normalize but could impact earnings if sustained.
Key quotes
- Bank has reached a new milestone by reaching all-time high quarterly net profit of 1355 cr for this quarter with a 56.18% year-on-year increase.
- We are not in the business of lending at 6% or 6 and a half. So wherever we are getting good value we are lending there only.
- Our objective and aim is to be known as a bank which consistently perform... we are more focused on that.
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