IOB Q2 net up 33% to Rs 501 cr, total income rises 15% to Rs 5,852 cr

Gross NPA down 6% during the quarter, net NPA up 11%; ratios improve in both spaces; lender came out of RBI's Prompt Corrective Action (PCA) on September 29, 2021

State-run Indian Overseas Bank (IOB) posted a 33 per cent increase in net profit during the second quarter of the current financial year ended on September 30 to Rs 501 crore, from Rs 376 crore in the same quarter of FY22.

During the period under review, the bank’s total income rose 15 per cent to Rs 5,852 crore, from Rs 5,091 crore during Q2FY22. Its gross non-performing assets declined by six per cent from Rs 15,666 crore during the second quarter in 2021-22 to Rs 14,726 crore during the same quarter this fiscal. GNPA ratios improved to 8.53 per cent