Indian Overseas Bank (IOB) has tanked over 7% to Rs 62.20, also its 52-week low on BSE, on reporting a sharp 89% year-on-year (yoy) drop in its net profit at Rs 59 crore for the quarter ended March due to higher provisioning bad loans. The state-owned bank had profit of Rs 529 crore in a year ago quarter.
Net interest income (NII) too, declined 3.3% yoy to Rs 1,296 crore, while the provisioning for bad loans increased by over three-fold to Rs 1,187 crore from Rs 388 crore.
The bank’s gross non-performing assets (NPA) ratio has increased substantially to 4.02% from 2.74%, while net NPA almost doubled to 2.5% from 1.35% during the recently concluded quarter.
The stock opened at Rs 67.75 and touched a high of Rs 68.50 on BSE before announcement of the results. A combined 6.41 million shares have changed hands on the counter till late noon deals on BSE and NSE.
Net interest income (NII) too, declined 3.3% yoy to Rs 1,296 crore, while the provisioning for bad loans increased by over three-fold to Rs 1,187 crore from Rs 388 crore.
The bank’s gross non-performing assets (NPA) ratio has increased substantially to 4.02% from 2.74%, while net NPA almost doubled to 2.5% from 1.35% during the recently concluded quarter.
The stock opened at Rs 67.75 and touched a high of Rs 68.50 on BSE before announcement of the results. A combined 6.41 million shares have changed hands on the counter till late noon deals on BSE and NSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%