Indian Overseas Bank’s first quarter profit up 20%, earnings fall

Indian Overseas Bank (IOB) reported a 20 per cent increase in net profit to Rs 392 crore in the first quarter of the current financial year. The profit of the bank has increased due to reduction in bad loans.

Indian Overseas Bank (IOB) reported a 20 per cent increase in net profit to Rs 392 crore in the first quarter of the current financial year.

Public sector Indian Overseas Bank (IOB) net in the first quarter of the current financial year profit It has increased by 20 per cent to Rs 392 crore. The profit of the bank has increased due to reduction in bad loans. The bank told the stock exchanges on Saturday that in the April-June quarter of a year ago, the bank had a net profit of Rs 327 crore. The total income of the bank has come down to Rs 5,028 crore in the first quarter of the financial year 2022-23 from Rs 5,607 crore in the same quarter last year.

interest income increased

The profit from operations of the bank has also come down to Rs 1,026 crore from Rs 1,202 crore last year. However, the interest income of the bank increased to Rs 4,435 crore from Rs 4,063 crore in the same quarter last year. Net interest margin has increased to 2.53 per cent. It was 2.34 per cent in the same period last year.

The non-performing assets (NPA) ratio of the bank has come down to 9.03 per cent from 11.48 per cent last year. Similarly, the net NPA has also come down from 3.15 to 2.43 per cent. Due to this, the provision for bad loans has also been reduced from Rs 1,010.15 crore to Rs 132.73 crore. The net profit of the bank has increased due to reduction in the requirement of financial provision for bad loans.

Today SBI also announced the results

Apart from this, let us tell you that State Bank of India has released its quarterly results on Saturday. The bank has made a profit of Rs 6068 crore during the quarter. Which is 6.7 percent less than last year’s profit of Rs 6504 crore. However, during the quarter, the asset quality of the bank has shown improvement and net interest income has seen an increase. The decline in SBI’s profit has been registered due to the fall in total income. The profit of the bank on consolidated basis has come down to Rs 7325 crore from Rs 7380 crore last year.

According to the data released, the total standalone income during the quarter declined to Rs 74,998.57 crore from Rs 77,347.17 crore last year. However, the net interest income has increased to Rs 31,196 crore from Rs 27,638 crore last year.

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