Indian Overseas Bank Q2 profit jumps to Rs 376 crore

State-owned Indian Overseas Bank (IOB) on Wednesday posted a more than two-fold jump in net profit for the July-September quarter of this fiscal to Rs 376 crore compared to Rs 148 crore in the year-ago period.

The bank also came out of the RBI's Prompt Corrective Action (PCA) framework during the reported period.

See Zee Business Live TV Streaming Below:

TRENDING NOW

ŠKODA AUTO Volkswagen India net up 49% in FY23 at Rs 309.5 crore

Tesla cars coming to India: We'll be establishing contact with carmaker at appropriate time, says Gujarat official

CenturyPly sets revenue target of Rs 12,000 crore by 2031

EPF, NPS, PMVVY: Different ways to get Rs 10,000 monthly pension

German brand Blaupunkt brings 2 affordable 43, 55-inch Google TVs in India

Up to Rs 9 lakh rebate on Rs 50 lakh home loan: Here’s how Centre's new scheme can be a game changer

Sebi fines CDSL Ventures over certain lapses

Lulu Group opens mall in Hyderabad, plans Rs 3,500 crore investment

350 public electric vehicle charging points to be set up: New Delhi Municipal Council

Tata Power, PowerGrid, Karnataka Bank: Stocks to watch out for on Thursday

Over 90% shares tendered at Rs 890 apiece in Shreyas Shipping buyback offer

Banks closed on Eid-e-Milad-Un-Nabi: Check date in your city

BCL Industries approves 1.5 lakh warrants worth more than Rs 4 crore

REC shares hit all-time of Rs 285.80 on the BSE; here is why

Asian Games 2023: India's Medal Tally- All you need to know about medal tally, gold medalist and leaders

Total income for the quarter ending September stood at Rs 5,376 crore as against Rs 5,431 crore a year ago, the bank said in a regulatory filing.

On the asset front, the bank witnessed a good performance with the net non-performing assets (NPA) falling to 2.77 per cent of the net advances as of September 30, 2021, as against 4.30 per cent a year ago.

"Net NPA has stood at 2.77 per cent which is within prescribed RBI guidelines," IOB said in a release.

In value terms, net NPAs fell to Rs 3,741 crore from Rs 5,291 crore.

Gross NPAs stood at 10.66 per cent (Rs 15,666 crore), down from 13.04 per cent (Rs 17,660 crore).

Bank's provisioning for bad loans and contingencies fell to Rs 1,036.37 crore during the quarter, as against Rs 1,192.55 crore in year-ago period.

IOB shares traded at Rs 22.60 apiece on BSE, up 1.80 per cent over the previous close.