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Indian Overseas Bank Secures ₹1,359 Crore Income Tax Refund for AY 2015-16

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Synopsis:

Indian Overseas Bank secures a ₹1,359.29 crore income tax refund for AY 2015-16, including interest. The refund boosts IOB’s financial health amid rising profits and declining NPAs

Indian Overseas Bank (IOB) has received an income tax refund order of ₹1,359.29 crore, including interest under Section 244A, for the assessment year (AY) 2015-16. The refund, confirmed by an order dated August 17, 2024, was communicated through the Income Tax Portal on December 10, 2024.

Also read: HG Infra Secures ₹899 Crore NH-227B Road Upgrade Project in UP

INDIAN OVERSEAS BANK

Trade

37.53-0.81 (-2.11 %)

Updated - 30 April 2025
38.31day high
DAY HIGH
37.35day low
DAY LOW
4685753
VOLUME (BSE)

Key Takeaways

  • Refund Amount: ₹1,359.29 crore (including interest).

  • Assessment Year: 2015-16.

  • Notification Date: December 10, 2024.

  • Recent Profit Growth: 24.4% YoY rise in Q2 FY25 net profit.

  • Improved Asset Quality: Gross NPAs reduced to 2.72% in Q2 FY25.

Also read: Awfis Space ₹583 Crore Block Deal Launches at ₹680 Floor Price

Financial Highlights of IOB

Indian Overseas Bank’s recent financial performance underscores its growing stability:

Metric

Q2 FY25

Q2 FY24

YoY Growth

Net Profit

₹777.2 crore

₹624.6 crore

24.4%

Net Interest Income (NII)

₹2,537.3 crore

₹2,345.8 crore

8.2%

Gross NPA

2.72%

2.89% (Q1 FY25)

Improved

Net NPA

0.475%

0.51% (Q1 FY25)

Improved

The refund significantly enhances IOB’s liquidity position, complementing its improving profit and declining non-performing assets (NPAs).

Strategic Implications

This refund strengthens IOB’s financial standing and supports its operational strategies. The timely inflow bolsters its ability to maintain its focus on growth while enhancing shareholder value. The recent improvement in net interest income and lower NPAs reflect sound operational management, positively influencing the Indian Overseas Bank share price.

Indian Overseas Bank’s income tax refund for AY 2015-16 marks a significant financial gain. With improved profitability and asset quality, the bank is well-positioned to sustain its growth trajectory. Stakeholders are closely observing the Indian Overseas Bank share price for further signs of progress.

Also read: NTPC Green Energy Secures 500 MW Solar Project with 250 MW ESS from SECI

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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