IOB Q4 net up by 58% to Rs 552 cr on lower bad loan provisioning

Operating profit down 8%, asset quality improves with GNPA at 9.82% as against 11.69% a year ago

State-owned Indian Overseas Bank (IOB)  has posted a 58 per cent jump during the fourth quarter of the financial year ended in March to Rs 552 crore, as compared to the January to March quarter of 2020-21, on account of lower provisioning for bad loans.

The bank’s operating profit for the quarter ended March this year stood at Rs 1,614 crore, down 6 per cent compared to Rs 1,724 crore during the fourth quarter of 2020-21. The lender's asset quality improved with the gross non-performing assets (GNPA) seen at Rs 15,299 crore with a ratio of 9.82 per cent as against