Indian Overseas Bank's 's net profit increased to Rs 376.41 crore in Q2 FY22 from Rs 148.14 crore in Q2 FY21.
Total income fell 1% to Rs 5,375.56 crore during the quarter.
Operating Profit as on 30 September 2021 stood at Rs 1,419.34 crore as against Rs 1,346.22 crore for the quarter ended 30 September 2020, up 5.4% on a YoY basis.
Provisions and Contingencies declined by 13.1% YoY to Rs 1,036.37 crore in Q2 FY22. Of this, provisions for non-performing assets, however, rose by 20.2% YoY to Rs 884.86 crore during the period under review.
Profit before tax in Q2 FY22 stood at Rs 382.97 crore, up by 153.3% from Rs 153.67 crore in Q2 FY21.
The bank's gross non-performing assets (NPAs) stood at Rs 15,665.69 crore as on 30 September 2021 as against Rs 15,952.10 crore as on 30 June 2021 and Rs 17,659.63 crore as on 30 September 2020.
The ratio of gross NPAs to gross advances stood at 10.66% as on 30 September 2021 as against 11.48% as on 30 June 2021 and 13.04% as on 30 September 2020.
The ratio of net NPAs to net advances stood at 2.77% as on 30 September 2021 as against 3.15% as on 30 June 2021 and 4.30% as on 30 September 2020.
While the bank's advances increased by 9.7% to Rs 1,34,899.49 crore, deposits rose by 9.3% to Rs 2,50,890.48 crore as on 30 September 2021 as compared with 30 September 2020.
IOB, established in 1937, is the 10th-largest public sector bank in India. The Government of India is the single-largest shareholder of the bank with 96.38% ownership as on 30 September 2021.
The scrip advanced 0.90% to end at Rs 22.40 on the BSE today.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)