Indian Overseas Bank showed Rs 121 crore for June quarter 2020 specifically due to falling in bad loans. The state-owned lender posted a net profit of Rs 342.08 crores for the similar quarter a year ago.
Indian Overseas Bank had a profit marking of Rs 144 crore, the bank said that in the regulatory and filling.
The total income of the bank during April June 2021 rose to Rs 5233.63 crores from 5006.48 crores in the same tenure for the past fiscal, most importantly due increase in the revenue income mentioned by the bank.
The company also said that the unstoppably stretched lockdown has occurred in substantial deterioration in global and local economic recreations. The problem continues to be unstable and the state-owned bank is now closely surveying the situation. Despite these ailments, there would not be an important impact on the bank’s financial statements, the bank mentioned.
The Government of India held the amount of 95.84% stake in Indian Overseas Bank as of 30 June 2020.
The Bank mentioned that as we fight the financial effect of the pandemic, we need your assistance even extra, so that the bank can proceed to offer you high quality services.
The Bank’s gross non-performing assets (NPAs) stood at Rs 18,290.84 crore as on 30 June 2020 as against Rs 19,912.70 crore as on 31 March 2020 and Rs 33,262 crore as on 30 June 2019. The probability of gross NPAs to gross progress stopped at 13.90% as on 30 June 2020 as against 14.78% as on 31 March 2020 and 22.53% as on 30 June 2019. The probability of net NPAs to net advances lived at 5.10% as on 30 June 2020 as against 5.44% as on 31 March 2020 and 11.04% as on 30 June 2019.