IOB Q3 net profit goes up by 113% as provisions decline sharply

Indian Overseas Bank’s net profit rose by 113 per cent year-on-year at Rs 454 crore for the third quarter ended December 2021 (Q3FY22) from Rs 213 crore a year ago (Q3FY21).

The bank’s NII grew 3.3 per cent to Rs 1,572 crore in Q3FY22 as against Rs 1,522 crore in Q3FY21.

The public sector lender’s net interest margin declined to 2.4 per cent in Q3FY22 from 2.45 per cent in Q3FY21. The non-interest income fell by 23.19 per cent YoY to Rs 1,186 crore in Q3FY22 from Rs 1,543 crore in Q3FY21.

The bank’s provisions fell by 29.31 per cent to Rs 1,073 crore in Q3FY22.The Chennai-based lender’s stock closed 4.1 per cent higher at Rs 21.65 per share on BSE.