Indian Overseas Bank’s Q3FY22 net profit up 113%

The Indian Overseas Bank on Wednesday reported a raise of 113 per cent in its net profit for Q3FY22 on a year-on-year basis.

The net profit rose to Rs 454 crore during the period under review as against Rs 213 crore for the quarter ended December 2020. Besides, interest income stood at Rs 4,198 crore for the quarter ended December 31, 2021 compared to Rs 4,244 crore for the corresponding period of the previous year.

The lender’s gross NPA as on December 31, 2021 stood at Rs 15,427 crore as against Rs 16,753 crore as on December 31, 2020.

“The GNPA reduced by 1.74 per cent on a YoY basis,” the IOB said in a statement.

Besides, net NPA stood at Rs 3,587 crore as on December 31, 2021 as against Rs 3,905 crore as on December 31, 2020. “The NNPA reduced by 0.49 per cent YoY.”

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