IOB clocks Q4 net profit at Rs 350 crore

Government-owned Indian Overseas Bank (IOB) on Monday reported a net profit of Rs 350 crore in the quarter ended March as against Rs 144 crore in the year-ago period.

lnterest income declined to Rs 4,057 crore in Q4 FY21 as from Rs 4,442 crore in Q4 FY20 while total income came down to Rs 5,074 crore from Rs 5,537 crore.

However, deposits rose to Rs 2.4 lakh crore from Rs 2.2 lakh crore while gross advonces stood at Rs 1.39 lakh crore as against Rs 1.34 lakh crore in the same period.

Total business was at Rs 3.79 lakh crore as on March-end as compared to Rs 3.57 lakh crore last year.

But worryingly, gross non-performing assets continued to be high at Rs 15,323 crore with a ratio of 11.69 per cent of gross advances. In Q4 FY20, they totalled Rs 19,913 crore with a ratio of 14.78 per cent.

IOB said it received Rs 4,100 crore as capital infusion by the government for which it has allotted 246.54 crore equity shares of Rs 10 each for cash of issue price of Rs 16.63 per equity share (including premium of Rs 6.63 per equity share) on preferential basis.

Upon allotment made, the government's shareholding increased to 96.38 per cent from 95.84 per cent.

Reports say the government may sell its stake in IOB as part of its banks privatisation drive announced by Finance Minister Nirmala Sitharaman in the Union Budget 2021.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor