Indian Overseas Bank (IOB) is in the spotlight after getting a big refund! The bank announced that it will receive Rs 1,359.29 crore (over Rs 1,359 million) from the tax department for the assessment year 2015-16. This amount includes extra money for interest as stated in tax law. The refund order was issued on August 17, 2024, and the bank learned about it on December 10, 2024, through the Income Tax Portal.
This refund comes after earlier decisions were made by tax officials in March and December 2023.
In the last three months of 2024, Indian Overseas Bank also reported a big jump in profits. They made Rs 777 crore, which is 24% more than the same time last year when they earned Rs 625 crore. This increase was due to more interest income and new customers. The total interest earned during this period was Rs 6,851 crore, compared to Rs 5,821 crore a year earlier.
The bank’s problems with unpaid loans, known as non-performing assets (NPAs), also improved. The gross NPA dropped to 2.72% from 2.89% in the previous quarter, and the net NPA fell to 0.475%. In simple terms, they are doing better at collecting money owed to them.
As for the stock market, IOB’s shares closed at Rs 56.8, down by 1% recently. However, the stock has risen by 30% in 2024 and has increased by 120% over the past two years, making its total market value Rs 1,07,460 crore.
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