“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 Rs 13,59,29,17,840/- (Rupees One Thousand Three Hundred and Fifty-Nine Crores Twenty-Nine Lakhs Seventeen Thousand Eight Hundred and Forty Only),” the Bank said in an exchange 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.
Also Read: DLF Camellias’ Rs 190 crore Gurugram apartment: How many Bitcoins would you need?
In Q2 FY24, Indian Overseas Bank posted a 24% surge in net profit to Rs 777 crore, due to interest income and onboarding of new customers. The bank had earned a net profit of Rs 625 crore in the same quarter a year ago. The bank earned an interest income of Rs 6,851 crore during the quarter compared to Rs 5,821 crore in the year-ago period.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 Rs 6,249.1 crore against Rs 6,648.7 crore QoQ, whereas net NPA came at Rs 1,059.3 crore against Rs 1,153.5 crore over the previous quarter. Provisions stood at Rs 1,146.3 crore against Rs 937.9 crore QoQ and Rs 1,044.2 crore (YoY).
Also Read: Vishal Mega Mart IPO opens today. Check GMP, review
On Tuesday, Indian Overseas Bank shares closed at Rs 56.8, down 1% on the BSE, while the benchmark Sensex ended flat. The stock has surged 30% so far in 2024 and 120% over the past two years, with the company’s market capitalization now at Rs 1,07,460 crore.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)