Indian Overseas Bank Q3 Results: Shares surges 5%, net profit rises by 21%

Provisions stood at Rs 1,029 crore for Indian Overseas Bank at the end of the December quarter, while the figure stood at Rs 1,146 crore in September and Rs 701 crore during the same quarter last year.

Indian Overseas Bank Q3 Results: Shares surges 5%, net profit rises by 21%
Indian Overseas Bank Q3 Results: Shares surges 5%, net profit rises by 21%

Shares of Public sector lender, Indian Overseas Bank (IOB), surged as much as 5% after it reported its December quarter results. Net profit for the lender increased by 21% from last year to Rs 874 crore. The bank had reported a net profit of Rs 723 crore during the same period last year.

Net Interest Income (NII) or core income of the bank increased by 16% on a year-on-year basis to Rs 2,789 crore. Asset quality for the lender improved on a sequential basis. Gross NPA stood at 2.55% from 2.72% in September, while Net NPA stood at 0.42% from 0.47% in the September quarter.

 Provisions stood at Rs 1,029 crore for Indian Overseas Bank at the end of the December quarter, while the figure stood at Rs 1,146 crore in September and Rs 701 crore during the same quarter last year.

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The government owns a 96.38% stake in the lender at the end of the December quarter and has also mandated the DIPAM to look at an Offer for Sale (OFS) option to bring down the stake.

Shares of the lender are trading lower by 1.8% at Rs 51.55.

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