NSE: IOB · BSE: 532388
INDIAN OVERSEAS BANK
A public sector commercial bank serving over 46 million customers through 3,522 domestic branches, 3,691 ATMs and 13,401 business correspondents, with a presence in Singapore, Hong Kong, Thailand and Sri Lanka. Revenue is earned primarily through net interest income on its advances book funded by deposits, alongside fee income and treasury trading gains. Retail Banking is the largest revenue segment at 42.6% of segment revenue (₹10,424.42 crore), followed by Corporate/Wholesale Banking at 31.1% (₹7,612.15 crore) and Treasury Operations at 23.2% (₹5,670.89 crore), which earns from the bank's investment portfolio in government securities and bonds. The bank also runs an international business spanning FCNR deposits (target USD 600-650 million by September 2026) and a GIFT City branch targeting a USD 500 million book by FY27-end. Asset quality has tightened sharply — gross NPAs at 1.33% and net NPAs at 0.18% — with capital adequacy at 19.36% versus an 11.50% regulatory minimum. The largest cost driver is interest paid on deposits, and the cost-to-income ratio rose to about 54% in Q1 FY27 from 44% on higher staff expenses. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail Banking (43%), Corporate / Wholesale Banking (31%), Treasury Operations (23%), Other Banking Operations (2%), Unallocated (1%). Public sector retail-tilted commercial bank with international branches and an active treasury book.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | 1,709 | 2,104 | 2,666 | 3,396 | 5,418 |
| EPS, as reported (₹) | 0.92 | 0.00 | 1.40 | 1.79 | 2.81 |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 5,539 | (15,584) | (1,119) | 2,840 | 4,780 |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Profit before tax | 984 | 1,239 | 1,595 | 1,515 | 1,729 | 1,367 | 1,659 | 1,859 |
| Net profit | 780 | 875 | 1,092 | 1,112 | 1,228 | 1,365 | 1,505 | 1,659 |
| EPS (₹) | 0.42 | 0.46 | 0.58 | 0.61 | 0.65 | 0.71 | 0.81 | 0.89 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| STATE BANK OF INDIA | 8,83,184 | 10.3 | — | — | — | — | — | — |
| UNION BANK OF INDIA | 1,39,321 | 6.8 | — | — | — | — | — | — |
| PUNJAB NATIONAL BANK | 1,38,272 | 6.3 | — | — | — | — | — | — |
| BANK OF BARODA | 1,20,028 | 6.6 | — | — | — | — | — | — |
| INDIAN BANK | 1,12,592 | 8.8 | — | — | — | — | — | — |
| CANARA BANK | 1,06,898 | 5.4 | — | — | — | — | — | — |
| BANK OF MAHARASHTRA | 61,456 | 8.2 | — | — | — | — | — | — |
| BANK OF INDIA | 60,515 | 5.1 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.5 | 7.5 | 9 of 12 | 27% |
| Profit growth | 49.3 | 28.3 | 4 of 12 | 73% |
| Market cap | 55883 | 84177 | 9 of 12 | 27% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Indian Overseas Bank publishes September quarter and half-year results in newspapers | compliance | minimal | — | — |
| 28 Oct 2026 · Share count unchanged at 1.926 billion in September 2026 quarter | compliance | minimal | — | — |
| 27 Oct 2026 · Akshit Choudhary appointed Chief Financial Officer effective 1 November 2026 | management changes | high | — | — |
| 26 Oct 2026 · September 2026: profit up 56% and bad loans decline | investor communications | medium | — | — |
| 26 Oct 2026 · IOB Q2 FY27 net profit rises 56% as loan quality improves | compliance | low | — | — |
| 26 Oct 2026 · Nil security cover certificate for listed debt securities | compliance | minimal | — | — |
| 26 Oct 2026 · No deviation or variation in use of issue proceeds for September 2026 quarter | compliance | minimal | — | — |
| 26 Oct 2026 · IOB Q2 FY27 net profit up 56%, gross NPA ratio improves to 1.19% | results | high | — | — |
| 26 Oct 2026 · IOB September-quarter profit rises 56%; bad-loan ratio improves | results | high | — | — |
| 24 Oct 2026 · RBI flags higher risk weights; IOB capital ratios remain above RBI minimums | regulatory legal | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.