Public sector Indian Overseas Bank (IOP) today reported 58 per cent growth in net profit for the quarter ended March.
The bank’s managing director and chief executive officer Bhatta Pradeem Sengupta said on Wednesday:
IOP had a total revenue of Rs 5,719 crore in the fourth quarter of fiscal 2021-22. This is a decrease from Rs 6,074 crore in the corresponding quarter of the previous fiscal, 2020-21.
The bank’s interest income rose 5 per cent to Rs 4,215 crore.
The bank’s net profit rose 58 per cent to Rs 552 crore in the fourth quarter on the back of lower deposit provision for Warak loans. The company had posted a net profit of Rs 350 crore in the previous fiscal.
As at 31 March 2022, the total outstanding debt ratio decreased from 11.69 per cent to 9.82 per cent and the net outstanding debt ratio declined from 3.58 per cent to 2.65 per cent.
For the full financial year 2021-22, the bank’s net profit rose 106 per cent to Rs 1,710 crore. Profit for 2020-21 was Rs 831 crore.
However, the bank’s operating income fell to Rs 21,633 crore from Rs 22,525 crore.
Shares of IOP traded up 2.94% at Rs 17.50 on the IOP on Wednesday.
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