 "Indian Overaseas Bank back in black with pre-tax profit of Rs 83 crore")
After reporting loss for almost 18 consecutive quarters, or four-and-a-half years, public sector lender Indian Overaseas Bank (IOB) posted a pre-tax profit of Rs 83.48 crore compared to a loss of Rs 3370.42 crore during same period last year.
With this, the bank has met the final parameter to come out from the Reserve Bank of India's Prompt Corrective Action (PCA) framework, which was imposed in 2015.
Total income of the bank stood at Rs 5,484.06 crore during the quarter compared to Rs 5,473.92 crore during the corresponding quarter last year. Gross Non Performing Assets (NPAs) reduced to Rs 19,912.70 crore, which is 14.78 per cent of the gross advances, compared to Rs 33,398.12 crore (21.97 per cent) in the same period previous year.
Net NPA was Rs 6,602.80 crore (5.44 per cent) against Rs 14,368.30 crore (10.81 per cent) during the fourth quarter of last year.
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