Indian Overseas Bank has posted a net profit of Rs 552 crore in the quarter ended March 2022. An increase of 58% is mainly due to lower provisioning for bad loans. In the previous year, the bank has reported a net profit of Rs 350 crore.
According to the regulatory filing, the total income of the bank during the recent March quarter declined to Rs 5,719 crore as against Rs 6,074 crore in the same period a year ago.
The interest income of the bank has increased by 4% in the fourth quarter ended March to Rs 4,215 crore.
An improvement has been seen in the asset quality as the Gross Non-Performing Assets (NPAs) fell by 9.82% of the gross advances as of March 31, 2022, from 11.69% in the previous year. The net NPAs declined by 2.65% from 3.58% on an annual basis. Consecutively, the net bad loans were slightly high when compared to 2.63% at the end of December 2021.
