Thanks!

I like it not bad

All you can really do about a low GPA is network extensively so that people who know you can recommend you, and so you can avoid being filtered out by screening tools. See: https://mergersandinquisitions.com/low-gpa-investment-banking/

Maybe include a brief mention of why your GPA is lower in your cover letter, but focus on how you’ve improved since your first year (mention the higher GPA since then).

Yes

Thanks for the write up!

If i am writing my cover letter in the body of the email, Do i write the name of the recipient instead of dear Madam ?

Cover letters are pretty much always optional unless they ask for one.

Yes, cover letters are basically used to weed out people, not to select them. You can include some personal information such as an interesting student group, study abroad, or experience that led you to IB, but don’t go overboard with trying to appear “interesting.” Save that for actual networking and interviews.