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Indian Overseas Bank shares gain over 2 pc after Q4 earnings

·2-min read

New Delhi, Jun 14 (PTI) Shares of Indian Overseas Bank (IOB) on Monday gained over 2 per cent after the company reported a jump of over two times in its net profit in the last quarter of the fiscal ended March 2021.

It closed with a gain of 2.18 per cent at Rs 21.10 on the BSE. During the day, it climbed 6 per cent to Rs 21.90.

On the NSE, it jumped 1.69 per cent to close at Rs 21.05.

State-owned IOB on Monday reported a jump of over two times in its net profit at Rs 349.77 crore in the last quarter of the fiscal ended March 2021.

The bank had posted a net profit of Rs 143.79 crore in the same period a year ago.

Total income during the fourth quarter of the financial year 2020-21 rose to Rs 6,073.80 crore as against Rs 5,484.06 crore in the fourth quarter of the financial year 2019-20, IOB said in a regulatory filing.

Provisions for bad loans and contingencies for the reported quarter increased to Rs 1,380.46 crore as against Rs 1,060.38 crore parked aside in the corresponding period a year earlier.

For the full year 2020-21, the bank reported a net profit of Rs 831.47 crore. There was a net loss of Rs 8,527.40 crore in 2019-20.

Total income during the year increased to Rs 22,524.55 crore from Rs 20,712.48 crore in the previous fiscal year.

Bank's asset quality showed improvement with the gross non-performing assets (NPAs) falling to 11.69 per cent of the gross advances as of March 31, 2021, from 14.78 per cent by a year ago same period.

In value terms, the gross NPAs or bad loans were of the order of Rs 16,323.18 crore, down from Rs 19,912.70 crore.

Net NPAs fell to 3.58 per cent (Rs 4,577.59 crore) from 5.44 per cent (Rs 6,602.80 crore). PTI SUM SHW SHW

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