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

Indian Overseas Bank shares climb over 4% after earnings

Indian Overseas Bank'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 firm's shares rose 5 per cent to Rs 17.85 in the course of the session and eventually closed over 4 per cent larger.

On Wednesday, the general public sector lender reported a web revenue of Rs 552 crore, a close to 58 per cent soar from a yr in the past, within the quarter that resulted in March, primarily because of decrease dangerous loans' provisioning.

In the March quarter of final yr, the financial institution had posted a web revenue of Rs 350 crore.

But a inventory alternate submitting confirmed the corporate reported a decrease complete revenue for the quarter, all the way down to Rs 5,719 crore from Rs 6,074 crore in the identical interval final yr.

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

More importantly, the corporate's asset high quality improved, with the Gross Non-Performing Assets (NPAs) all the way down to 9.82 per cent of the gross advances as of March 31, 2023, from 11.69 per cent in the identical interval a yr in the past. It was 10.40 per cent within the December 2021 quarter.

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