Latest News | Indian Overseas Bank Shares Climb over 4 Pc After Earnings

New Delhi, May 18 (PTI) Shares of Indian Overseas Bank on Wednesday gained over 4 per cent after the company reported a nearly 58 per cent jump in its net profit in the quarter ended March 2022.

The stock jumped 4.12 per cent to settle at Rs 17.70 on the BSE. During the day, it zoomed 5 per cent to Rs 17.85.

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At the NSE, it went up by 4.11 per cent and ended at Rs 17.70.

Public sector lender Indian Overseas Bank on Wednesday reported a nearly 58 per cent jump in net profit at Rs 552 crore in the fourth quarter of FY22, mainly due to lower provisioning for bad loans.

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

However, the total income of the bank during the latest March quarter fell to Rs 5,719 crore as against Rs 6,074 crore in the same period a year ago, according to a regulatory filing.

The bank's interest income rose by 4 per cent 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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)