State-owned Indian Overseas Bank (IOB) on Tuesday (December 10) said it has received an order confirming a refund of ₹1,359.29 crore for the assessment year 2015-16, including interest under Section 244A.
“As per the order dated 17.08.2024, the amount refundable to the Bank for the AY 2015-16 including interest u/s 244A of the Income-tax Act is ₹1359,29,17,840/- (Rupees One Thousand Three Hundred and Fifty-Nine Crores Twenty-Nine Lakhs Seventeen Thousand Eight Hundred and Forty Only),” Indian Overseas Bank said in a regulatory filing.
The order, dated August 17, 2024, follows earlier orders passed by the Commissioner of Income Tax (Appeals) in March and December 2023. The bank was informed of the refund order through the Income Tax Portal on December 10, 2024.
Indian Overseas Bank reported a 24.4% year-on-year (YoY) rise in net profit at ₹777.2 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, Indian Overseas Bank posted a net profit of ₹624.6 crore, the bank said in a regulatory filing.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 8.2%, coming at ₹2,537.3 crore against ₹2,345.8 crore in the corresponding quarter of FY24.
The gross non-performing asset stood at 2.72% in the September quarter against 2.89% in the June quarter. Net NPA came at 0.475% against 0.51% quarter-on-quarter (QoQ).
In monetary terms, gross NPA stood at ₹6,249.1 crore against ₹6,648.7 crore QoQ, whereas net NPA came at ₹1,059.3 crore against ₹1,153.5 crore over the previous quarter. Provisions stood at ₹1,146.3 crore against ₹937.9 crore QoQ and ₹1,044.2 crore (YoY).
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