IOB net profit rises 28% to Rs 500-cr

NEW DELHI: State-owned Indian Overseas Bank (IOB) on Wednesday posted a 28 per cent increase in net profit at Rs 500 crore in the June quarter, mainly due to a decline in bad loans. The Chennai-based lender had posted a net profit of Rs 392 crore in the year-ago period. The total income in the first quarter of the current fiscal rose to Rs 6,227 crore against Rs 5,028 crore, IOB said in a regulatory filing. The lender's interest income also increased to Rs 5,424 crore from Rs 4,435 crore in the same quarter a year ago. On the asset quality side, the bank witnessed an improvement with the gross Non-Performing Assets (NPAs) easing to 7.13 per cent of the gross advances by June 2023 as against 9.12 per cent a year ago.