IOB posts Q1 net profit of ₹121 crore
1 min read . Updated: 20 Aug 2020, 06:38 PM IST- Total deposits increased to ₹2.25 lakh crore while gross advances declined to ₹1.31 lakh crore
- Total income for the quarter ended June increased to ₹5,234 crore
CHENNAI : Government-owned Indian Overseas Bank (IOB) on Thursday posted a net profit of ₹121 crore in April to June quarter as against a net loss of ₹342 crore for the corresponding period of last fiscal year.
This was mainly due to a reduction in provisioning for bad loans and contingencies to ₹969 crore in Q1 FY21 as compared to ₹1,158 crore in Q1 FY20.
Total deposits increased to ₹2.25 lakh crore as against ₹2.21 lakh crore but gross advances declined to ₹1.31 lakh crore from ₹1.47 lakh crore in the same period.
Total income for the quarter ended June increased to ₹5,234 crore as against ₹5,006 in Q1 FY20 due to increase in treasury income.
Net non-performing assets (NPAs) totalled ₹6,081 crore with a ratio of 5.1 per cent as compared to ₹14,174 crore with a ratio of 11.04 per cent in Q1 FY20, reducing it by ₹8,093 crore in absolute terms.
Gross NPAs stood at ₹18,291 crore with a ratio of 13.9 per cent in Q1 FY21 as against ₹33,262 crore with a ratio of 22.53 per cent as on June 30 last year.
This story has been published from a wire agency feed without modifications to the text.
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