The shares of Indian Overseas Bank (IOB) fell 9% on Wednesday amid a spike in trade volumes, reaching an intraday low of Rs 49.23 on the BSE and a total traded value of Rs 38.96 crore at about 9:35 am on the NSE. Based on NSE statistics, the stock’s total market capitalization was Rs 94,455.35 crore, with a free-float market capitalization of Rs 3,415.60 crore. Its traded volume was 77.42 lakh shares. With 5.23 lakh exchanged, the trading volume on the BSE has also been noteworthy. The total value of the company’s market was Rs 94,606.57 crore.
Indian Overseas Bank Financial Performance
Compared to a profit of Rs 6,272 million in the previous year, Indian Overseas Bank’s net profit for the quarter ending in September 2024 increased 24.3% YoY to Rs 7,796 million. During the quarter, net sales increased 17.7% to Rs 68,539 million, up from Rs 58,249 million in July-September 2023.
Indian Overseas Bank reported a 26.7% increase in net profit to Rs 26,657 million for the year that ended in March 2024, as opposed to Rs 21,040 million for FY23. The business’s revenue increased by 24.0% to Rs 240,657 million in FY24.
About the Company – Indian Overseas Bank
In 1937, Chidambaram Chettyar established the Indian Overseas Bank. In 1969, it was one of the fourteen large banks that were nationalized. When Indian Overseas Bank was established, its dual goals were to focus on foreign banking and foreign exchange operations.
Among the services provided by the bank are:Saving bank accounts, current accounts, term deposits, retail loans, home loans and mortgages, depository services, gold investment products, debit and credit cards, multi-city check facilities, insurance and mutual funds, and real-time gross settlement services are just a few of the many products and services offered by IOB’s personal banking division.Remittances, resident foreign currency accounts, NRI house loans, and a host of other products are all provided by the bank under the umbrella of NRI banking.
