The Indian Overseas Bank results in a net profit of Rs 213 cr

The Indian Overseas Bank on weekdays already reported a profit of Rs 213 crore during the quarter of December compared to Rs 6,075 crore in large loss a year ago, as the management refused to comment.

Operating very large profit rose to Rs 1,731 crore from Rs 762 crore a year ago, also helping plans to come out of this best central bank’s Prompt Corrective Action by focusing on more recovery, low-cost deposits as well as very less capital consuming advances.

We cannot comment as we are not always aware of whether we are on this block or not. This is a matter of time to come out from the PCA. The government infusing Rs 8,217 crore in the last fiscal had already helped his bank to strengthen a business. IOB has already reduced its exposure to corporates to focus on Retail.

Around Rs 3,000 crore and 2.5 percent of this bank’s assets could be restructured, he already said. Around Rs, 18,000 crores worth of the NPAs is waiting for the resolution before the National Company Law Tribunal.

This gross non-performing assets already dropped to Rs 16,753 crore during the quarter ended last December from Rs 23,734 crore. The Net NPA already dropped to Rs 3,905 crore from Rs 7,087 crore, the last year. This gross NPA ratio of 12.19 percent during the quarter of last December stood at Rs 16,753 crore as compared to the Rs 23,734 crore or 17.12 percent.

The net NPA has also improved to 3.13 percent, very lower than the 6 percent limit prescribed by the Reserve Bank of India. The provision also coverage ratio improved to 91.91 percent. The bank already holds a total provision of Rs 924 crore, which already includes this pandemic of Covid-19 provision of Rs 683 crore and for adherence to Supreme Court order Rs 241 crore.



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