IOB post ₹1051 cr Q4 net 4000cr equity issue gets board nod

 Indian Overseas Bank (IOB) has posted a robust net profit of ₹1,051 crore for the fourth quarter of FY24, marking a significant improvement compared to previous quarters and showcasing the bank’s steady financial recovery. This growth is attributed to higher interest income, improved asset quality, and better operational efficiency. The bank's Net Interest Income (NII) and provisions have also shown favorable trends, contributing to the strong bottom line.

In addition to the quarterly results, IOB's board has given its approval for raising ₹4,000 crore through an equity issue. This capital infusion is intended to bolster the bank’s capital adequacy ratio, support credit growth, and meet future business expansion needs. The equity can be raised via various modes such as Qualified Institutional Placement (QIP), rights issue, or follow-on public offering (FPO), depending on market conditions and regulatory clearances.

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