Indian Overseas Bank Shares Rise 4% After Reporting A 58% Jump In Profit

Indian Abroad Financial institution’s (IOB) shares gained over 4 per cent on Wednesday after it reported a close to 58 per cent bounce in its web revenue to Rs 552 crore within the March quarter.

The corporate’s shares rose 5 per cent to Rs 17.85 through the session and eventually closed over 4 per cent increased.

On Wednesday, the general public sector lender reported a web revenue of Rs 552 crore, a close to 58 per cent bounce from a 12 months in the past, within the quarter that resulted in March, primarily attributable to decrease unhealthy loans’ provisioning.

Within the March quarter of final 12 months, the financial institution had posted a web revenue of Rs 350 crore.

However a inventory change submitting confirmed the corporate reported a decrease whole revenue for the quarter, right down to Rs 5,719 crore from Rs 6,074 crore in the identical interval final 12 months.

The financial institution’s curiosity revenue rose by 4 per cent in March’s quarter to Rs 4,215 crore. 

Extra importantly, the corporate’s asset high quality improved, with the Gross Non-Performing Property (NPAs) right down to 9.82 per cent of the gross advances as of March 31, 2022, from 11.69 per cent in the identical interval a 12 months in the past. It was 10.40 per cent within the December 2021 quarter.

IOB’s web NPAs or unhealthy loans fell to 2.65 per cent from 3.58 per cent on an annual foundation.