IOB net profit up 58% in Q4

NEW DELHI: State-owned Indian Overseas Bank (IOB) on Wednesday reported a nearly 58 per cent jump in net profit at Rs 552 crore in the quarter ended March 2022, mainly due to lower provisioning for bad loans.

The bank had posted a net profit of Rs 350 crore in the year-ago period.

The bank’s total income in the latest March quarter fell to Rs 5,719 crore as against Rs 6,074 crore in the same period.

The bank’s interest income rose by 4 per cent in the fourth in the fourth quarter ended March to Rs 4,215 crore.

There was an improvement in the asset quality as the gross Non-Performing Assets (NPAs) declined to 9.82 per cent of the gross advances as of March 31, 2022 from 11.69 per cent in the year-ago period. The same was at 10.40 per cent at the end of December 2021. The net NPAs or bad loans fell to 2.65 per cent from 3.58 per cent on an annual basis.