IOB Back In Black, Posts ₹143.79 Cr Net Profit In Q4
Money & Banking
PTI
New Delhi |
Updated on
June 25, 2020
Published on
June 25, 2020
Indian Overseas Bank (IOB) swung into black, posting a net profit of ₹143.79 crore in the quarter ended March 2020 as bad loans declined significantly.
The public sector bank had posted a net loss of ₹1,985.16 crore during January-March quarter of preceding fiscal ended March 2019.
In October-December 2019, its net loss stood at ₹6,075.49 crore.
Income during March quarter of FY20 remained nearly flat at ₹5,484.06 crore as compared with ₹5,473.92 crore in the same period of 2018-19, IOB said in a regulatory filing.
Provisioning for bad loans and contingencies during the quarter fell to ₹1,060.38 crore as against ₹4,501.92 crore in the year-ago quarter.
On asset quality front, there was a huge improvement in gross non-performing assets (NPA) which stood at 14.78 per cent of the gross advances as on March 31, 2020 as against 21.97 per cent at the end of March 2019.
In absolute terms, gross NPAs stood at ₹19,912.70 crore as against ₹33,398.12 crore a year ago.
Similarly, net NPAs or bad loans dropped to 5.44 per cent (₹6,602.80 crore) from 10.81 per cent (₹14,368.30 crore) a year ago.
The bank’s provision coverage ratio as on March 31, 2020 stood at 86.94 per cent as against 71.39 per cent a year ago.
Shares of IOB on Thursday closed 10 per cent higher at ₹11.99 apiece on the BSE.
Published on
June 25, 2020
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PTI
New Delhi |
Updated on
Indian Overseas Bank (IOB) swung into black, posting a net profit of ₹143.79 crore in the quarter ended March 2020 as bad loans declined significantly.
The public sector bank had posted a net loss of ₹1,985.16 crore during January-March quarter of preceding fiscal ended March 2019.
In October-December 2019, its net loss stood at ₹6,075.49 crore.
Income during March quarter of FY20 remained nearly flat at ₹5,484.06 crore as compared with ₹5,473.92 crore in the same period of 2018-19, IOB said in a regulatory filing.
Provisioning for bad loans and contingencies during the quarter fell to ₹1,060.38 crore as against ₹4,501.92 crore in the year-ago quarter.
On asset quality front, there was a huge improvement in gross non-performing assets (NPA) which stood at 14.78 per cent of the gross advances as on March 31, 2020 as against 21.97 per cent at the end of March 2019.
In absolute terms, gross NPAs stood at ₹19,912.70 crore as against ₹33,398.12 crore a year ago.
Similarly, net NPAs or bad loans dropped to 5.44 per cent (₹6,602.80 crore) from 10.81 per cent (₹14,368.30 crore) a year ago.
The bank’s provision coverage ratio as on March 31, 2020 stood at 86.94 per cent as against 71.39 per cent a year ago.
Shares of IOB on Thursday closed 10 per cent higher at ₹11.99 apiece on the BSE.
Published on
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill.
In these difficult times, we, at BusinessLine, are trying our best to ensure the newspaper reaches your hands every day. You can also access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all our readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. You can help us by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section.
Our subscriptions start as low as Rs 199/- per month. A yearly package costs just Rs. 999 – a mere Rs 2.75 per day, less than a third the price of a cup of roadside chai..
A little help from you can make a huge difference to the cause of quality journalism!
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