Mumbai: Indian Overseas Bank (IOB) highlighted a Net Profit of Rs 625 crores for the quarter ended September 30, 2023, besides Net NPA also improving to 0.68% against 2.56% last year’s quarter and Provision Coverage recorded at 94.03%.

Total Business rose to Rs 4,82,006 crores this quarter against Rs 4,34,441 crores same quarter last year. The same period witnessed Total Deposits at Rs 2,73,093 crores against Rs 2,61, 728 crores last year.

CASA increased to Rs 1,19,206 crores this year against Rs 1,11,924 last year.

Replying to questions, Ajay Kumar Srivastava, Managing Director and CEO, IOB, said the Bank witnessed Fresh Slippages of Rs 321 crores in sectors like Retail, Agro with Unsecured Educational Loans taking the major portion, while Rs 1,069 crores of Recovery had been done in this quarter and the Bank was looking at comfortably crossing Rs 5,000 crores Recovery this year.

“Deposit Growth is expected during this Diwali season and CASA is our main focus as it is cost-effective to build our credit portfolio,” he said while pointing out that 71,000 new customers had onboarded in the bank’s 3,200 branches.

“Sales worth Rs 3,000 crore to ARCs have been lined up we are looking to good sales in the coming months,” he said while also noting that the Bank is in the process of hiring staff with 5 to 6 years experience in different organisations.

About security and anti-hacking measure in the wake of such global threats, he said the Bank was revising its security and other features in the Apps.

The Bank is also planning to set up its branch in Gift City in Gujarat and is awaiting relevant approval, he added.