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Business News/ Companies / Company Results/  Indian Overseas Bank posts 121 crore net profit in Q1
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Indian Overseas Bank posts ₹121 crore net profit in Q1

The bank’s net interest income – difference between interest earned and interested expended – grew 9.61% year-on-year (y-o-y) to ₹1,412.32 crore for the quarter ended 30 June over ₹1,288.46 crore in the same quarter last year

The bank's other income, which includes core fee income, rose 39.05% y-o-y to ₹931.79 crore during the quarter under review (Photo: Mint)Premium
The bank's other income, which includes core fee income, rose 39.05% y-o-y to 931.79 crore during the quarter under review (Photo: Mint)

State-owned Indian Overseas Bank on Thursday, reported a standalone net profit of 120.69 crore for the June quarter of FY21 as provisions declined and other income rose. The bank had reported a net loss at 342.08 crore during corresponding quarter previous year.

The bank’s net interest income – difference between interest earned and interested expended – grew 9.61% year-on-year (y-o-y) to 1,412.32 crore for the quarter ended 30 June over 1,288.46 crore in the same quarter last year.

The bank's other income, which includes core fee income, rose 39.05% y-o-y to 931.79 crore during the quarter under review. Its total provisions fell 16.26% during the June quarter to 969.52 crore against 1,157.82 crore in the corresponding quarter last year.

Indian Overseas Bank’s asset quality improved in the June quarter with gross bad loan ratio -- percentage of bad loans to total advances -- falling 863 basis points (bps) y-o-y to 13.9%. Its net non-performing asset (NPA) ratio was down 594 bps on a y-o-y basis to 5.1% in Q1 FY21.

The bank’s total advances were at 1.19 trillion in Q1 of FY21, a decrease of 6.97% over the same period last year. Total deposits stood at 2.26 trillion, an increase of 1.98% over 30 June last year.

On Thursday, shares of the bank gained 3.63% to close at 11.43, while the benchmark Sensex index lost 1.02% to close at 38,220.39 points.

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Published: 20 Aug 2020, 07:10 PM IST
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