Indian Overseas Bank gains after strong Q4 performance

18 May 2022 , 02:40 PM

The banks profit before tax (PBT) increased by 74.7% to Rs 400.19 crore in Q4 March 2022 over Q4 March 2021. Operating profit during the quarter was Rs 1,614.32, which is lower by 6.4% as compared with the same period last year. The banks provisions and contingencies (excluding tax provisions) declined by 26.5% to Rs 1,014.13 crore in Q4 March 2022 over Q4 March 2021. Of these, provisions for non-performing assets were at Rs 568.97 crore (up 3.6x YoY). The banks gross non-performing assets (NPAs) stood at Rs 15,298.62 crore as on 31 March 2021 as against Rs 15,426.55 crore as on 31 December 2021 and Rs 16,323.18 crore as on 31 March 2020. The ratio of gross NPAs to gross advances stood at 9.82% as on 31 March 2021 as against 10.40% as on 31 December 2021 and 11.69% as on 31 March 2020. The ratio of net NPAs to net advances stood at 2.65% as on 31 March 2021 as against 2.63% as on 31 December 2021 and 3.58% as on 31 March 2020. The bank reported 105.6% increase in net profit to Rs 1,709.54 crore on a 4% fall in total income to Rs 21,632.89 crore in FY22 over FY21. Deposits stood at Rs 2,62,158.92 crore (up 9.1% YoY) while advances were at Rs 1,44,243.52 crore (up 12.9% YoY) as on 31 March 2022. Indian Overseas Bank is one of the 12 public sector banks (PSB) in India. As of 31 March 2022, the Government of India held 96.38% in IOB, followed by institutional investors, the public, and others.Powered by Capital Market – Live News