Home / Business and Economy / IOB Bags ₹835 Cr Tax Refund with Interest!
IOB Bags ₹835 Cr Tax Refund with Interest!
25 Nov
Summary
- Indian Overseas Bank to receive ₹835.08 crore tax refund.
- Refund includes interest under Section 244A of Income Tax Act.
- Bank's net profit rose 58% in the September quarter.
Indian Overseas Bank has announced it will receive a substantial income tax refund amounting to ₹835.08 crore for Assessment Year 2022-23. This comes after the Income Tax Department issued an order to implement a ruling from the Commissioner of Income Tax (Appeals). The refund includes applicable interest, further bolstering the bank's financial position.
The bank confirmed receipt of the official order via e-mail on November 24, 2025, dated November 21, 2025. This development occurred shortly after Indian Overseas Bank reported strong financial results for the September quarter, where its net profit saw a significant increase of 58% compared to the same period last year.
This financial boost from the tax refund follows a period of robust growth for the bank, which also reported a 21% year-on-year rise in net interest income for the September quarter. The bank's shares closed higher on Tuesday, reflecting positive investor sentiment.
