Q3 Results of Indian Overseas Bank: Posts Net Profit of Rs 213 Crore
On Tuesday, State-owned lender Indian Overseas Bank (IOB NSE - 0.88 %) reported a net profit of Rs 212.87 crore for the quarter ending December 2020 as provisions for bad loans declined.In the year-ago quarter, the bank had posted a staggering net loss of Rs 6,075.49 crore. IOB had posted a net profit of Rs 148.14 crore for the July-September quarter of 2020-21.
During the October-December period of 2020-21, the total income of the bank increased to Rs 5,786.51 crore as against Rs 5,197.94 crore in the same quarter of 2019-20, IOB said in a regulatory filing. The bank's asset quality showed improvement with gross non-performing assets (NPAs) falling to 12.19 percent of the gross advances by December 31, 2020, as against 17.12 percent by the end of December 2019.
In value terms, gross NPAs were valued at Rs 16,753.48 crore, down from Rs 23,733.86 crore. Similarly, net NPAs came down to 3.13 percent (Rs 3,904.92 crore) from 5.81 percent (Rs 7,087.09 crore)
Provisions for bad loans and contingencies fell to Rs 1,513.57 crore for the quarter from Rs 6,663.94 crore parked aside by the lender for the year-ago quarter. Indian Overseas Bank shares closed 2.66 percent down at Rs 11.36 apiece on BSE.