Why has IOB reduced its reported profits for the quarter?
Answer
Answer
IOB reported gross NPA divergence of Rs.700 crore. For Mar-21, IOB reported gross NPAs of Rs.16,323 crore while RBI had assessed actual gross NPAs at Rs.17,023 crore. The divergence in provisioning was to the tune of Rs.185 crore and if was factored in, the revised net profit would come down to Rs.646 crore.