IOB posts PBT of Rs 125 cr in Q1 against Rs 330 cr loss a year ago

Lender said it is in a position to come out of Prompt Corrective Action since NPAs have come down drastically and the bank has started reporting profit

Indian Overseas Bank (IOB) has reported a profit before tax (PBT) of Rs 124.63 crore during the quarter ended June 30, 2020 as against a Rs 329.66 crore loss a year ago. 

The lender said that it is in a position to come out of Prompt Corrective Action (PCA) since NPAs have come down drastically and the bank has started reporting profit.

IOB's operating profit for the quarter ended June 2020 was Rs 1,094 crore as against Rs 828.15 crore for the quarter ended June 30, 2019.

Treasury gains, increase in interest on investments, reduction in interest expenditure have helped