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Indian Overseas Bank (IOB) reported a 30% increase in net profit to Rs 723 crore for the December quarter 2023-24. The bank's total income increased to Rs 7,437 crore, and operating profit improved to Rs 1,780 crore. Gross NPAs declined to 3.90% and net NPAs came down to 0.62%. Provision Coverage Ratio stood at 96.
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Banks prepare for a three-day weekend on Republic Day 2024. Additional closures include January 23 for Gaan-Ngai festival and January 28 for the weekend. Tamil Nadu, Maharashtra, and Uttar Pradesh observe closures on January 25 for Thai Poosam/Birthday of Md. Hazarat Ali.
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RBI report highlights weakness in unsecured retail loans and credit card outstanding, urging lenders to closely monitor these segments. Personal loans now constitute the largest category of bank credit, while credit cards show a rise in stress. The study emphasizes the need for pre-emptive macroprudential measures and assessing the credit flow to avoid risk buildup.
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On January 22, the Ayodhya Ram Mandir is inaugurated, leading to bank closures and half-day observances across the country. State governments and educational institutions have granted a day off in honor of the event. Central government offices and PSU banks will observe a half-day closure to allow employees to participate.
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Union Bank of India and IDBI Bank reported the highest increase in Q3FY24 net profit at 60% and 57%, respectively. ICICI Bank's net profit rose 23.6% to Rs 10,272 crore, while IDFC First Bank saw an 18% rise in net profit to Rs 716 crore.
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