IOB Q1 profit surges 49% to Rs 1,659 crore

State-owned lender Indian Overseas Bank (IOB) on Monday reported a 49.3 per cent year-on-year jump in net profit to Rs 1,659 crore in the three months ended June 2026, driven by improved asset quality. The bank had earned a net profit of Rs 1,111 crore in the corresponding quarter last year.

Total income rose to Rs 10,938 crore during the April-June period from Rs 8,866.47 crore a year earlier, the bank said in a stock exchange filing. The bank’s asset quality improved, with Gross Non-Performing Assets (GNPA) dropping to 1.33 per cent for the June quarter of FY27 from 1.97 per cent a year earlier. Similarly, net NPA eased to 0.18 per cent from 0.32 per cent.

Further, provisions were at Rs 834 crore in the quarter under review, mostly unchanged from Rs 844 crore a year earlier but lower than Rs 1,006 crore in the March quarter. Shares of IOB were trading 4.11 per cent higher at Rs 35.2 on the BSE in the afternoon trade.