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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.
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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.
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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).
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.
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