IOB's PROFIT JUMPS 56% TO Rs 1,912 CRORE IN Q2FY27

Chennai based bank

reported a 56% jump in its net profit for the second quarter of FY27 at Rs 1,912 crore, with its core income contributing to the stellar performance. The bank's operating profit has also surged by 26% YoY to Rs 3,016 crore while its net interest income increased by 26.41% YoY to Rs 3,867 crore. Further, it is looking to complete its $500 million ECB (external commercial borrowing) raise by December with half of the funding to be completed in a week or so. The bank currently has 3,546 branches across the country, and it has received licences for opening 200 branches which will boost its expansion exercise this year. Moreover, it has added 1.40 crore new CASA (current account savings account) customers over the last three years.