InvestorQ : How did IOB manage to double its profits in the Jun-21 quarter?
Rashi Mehra made post

How did IOB manage to double its profits in the Jun-21 quarter?

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Archita Jajjoo answered.
3 months ago
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In the last few months, IOB emerged as India’s second most valuable public sector bank. For the June quarter, Indian Overseas Bank doubled net profits to Rs.327 crore while net revenues were marginally down at Rs.5,155 crore due to lower interest rates depressing loan yields.

Interest income was down 5.6% yoy but that was more than compensated by non-interest income rising by 17.2%. However, the gross NPA still remain fairly high in absolute terms at 11.48% while the provisions for contingencies were lower. Provision coverage ratio stood at 91.56%, which is among the healthiest in the PSB space.
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