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IOB posts ~58% jump in Q2; lenders rally late session
IOB’s ~58% Q2 profit jump triggers banking space rally into market close.
Indian Overseas Bank (IOB) reported a net profit of ₹1,226 crore for Q2, up 57.8% YoY, with improved net interest income and lower NPA provisions. The stock saw gains in closing trade, dragging broader PSU bank names higher. The result also lifted sentiment in financials, as investors reacted to better asset quality and capital adequacy. Bank stocks outperformed in the final hour, helping indices maintain strength. Market watchers say quality of growth and credit trends will be closely monitored.