Indian Overseas Bank (IOB) reported a 113 per cent jump in its standalone profit after tax (PAT) to Rs 454 crore in the quarter ended December 2021, helped by lower provisions and higher cash recovery.
”The profit in the quarter was driven by lower provisioning requirements, improvement in cash recovery and also as we were able to contain our operational cost,” stated Managing Director and CEO Partha Pratim Sengupta.
The bank said that the Interest income marginally declined to Rs 4,198 crore during the quarter ended December 31, 2021, compared with Rs 4,244 crore last year.
Sengupta said the lower treasury income due to the hardening of yields impacted the interest income.
Net interest margin (NIM) declined to 2.40 per cent from 2.45 per cent in the year-ago period, while Net NPA came down to 2.63 per cent from 3.13 per cent.
(With inputs from PTI)
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Published on: Wednesday, February 02, 2022, 09:56 PM IST
