Indian Overseas Bank (IOB) has set 7 March, 2025 as record date for payment of coupon on Basel III Tier II Bonds (Series IV & V). Further, IOB announced that the coupon payments for its Basel III Tier II Bonds Series IV and V, offering coupon rates of 8.60% and 9.00%, respectively, will be processed in March 2025. The payment due date for Series IV is set for 31 March, 2025; however, since it falls on a holiday (Id-Ul-Fitr) and 1 April, 2025 marks the annual closing of accounts, the coupon payment will instead be made on 2 April, 2025. The coupon for Series V will be paid by the bank on March 24, 2025.
IOB share price today slumped 4.6%, the stock opened at ₹45 apiece on the BSE. IOB share price touched an intraday low of ₹43.51, and an intraday high of ₹45.15 per share. According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, along with the broader markets, the stock prices have seen sharp sell – off , breaking below its key support of 44. The next support is 40.
State-owned IOB reported a 21% increase in net profit, amounting to ₹874 crore for the third quarter ending December 2024, attributed to a decrease in bad loans.
The Chennai-based bank had reported a net profit of ₹723 crore in the same quarter the previous year. Total income rose to ₹8,409 crore during the reviewed quarter, compared to ₹7,437 crore during the same period last year, as stated by IOB in a regulatory filing.
The bank’s operating profit improved to ₹2,266 crore, up from ₹1,780 crore in December 2023. Additionally, interest income increased to ₹7,112 crore, compared to ₹6,176 crore for the quarter ending December 2023.
Regarding asset quality, the bank’s gross Non-Performing Assets (NPAs) fell to 2.55% of gross loans by the end of December 2024, down from 3.90% a year prior.
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