Indian Overseas Bank Q3 results: Posts net profit of Rs 213 cr

NEW DELHI: State-owned lender Indian Abroad Financial institution () on Tuesday reported a internet revenue of Rs 212.87 crore for the quarter ending December 2020 as provisions for unhealthy loans declined.

The financial institution had posted a staggering internet lack of Rs 6,075.49 crore within the year-ago quarter. IOB had posted a internet revenue of Rs 148.14 crore for the July-September quarter of 2020-21.

Whole revenue of the financial institution elevated to Rs 5,786.51 crore through the October-December interval of 2020-21 as towards Rs 5,197.94 crore in the identical quarter of 2019-20, IOB stated in a regulatory submitting.

The financial institution’s asset high quality confirmed enchancment with gross non-performing belongings (NPAs) falling to 12.19 per cent of the gross advances by December 31, 2020, as towards 17.12 per cent by the tip of December 2019.

In worth phrases, gross NPAs have been valued at Rs 16,753.48 crore, down from Rs 23,733.86 crore.

Equally, internet NPAs got here down to three.13 per cent (Rs 3,904.92 crore) from 5.81 per cent (Rs 7,087.09 crore)

Provisions for unhealthy loans and contingencies fell to Rs 1,513.57 crore for the quarter from Rs 6,663.94 crore parked apart by the lender for 12 months in the past quarter.

Indian Abroad Financial institution shares closed 2.66 per cent down at Rs 11.36 apiece on BSE.

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