IOB posts Rs 376 crore net for Q2

Chennai, Oct 27 Public sector Indian Overseas Bank (IOB) closed the second quarter of the current fiscal with a net profit of Rs 376.41 crore.

In a regulatory filing on Wednesday, IOB said it closed the second quarter with a net profit of Rs 376.41 crore and a total income of Rs 5,375.76 crore.

The bank has logged a net profit of Rs 148.14 crore and a total income of Rs 5,430.58 crore for the previous year corresponding period.

For the quarter under review IOB's total provision stood at Rs 1,036.37 crore (previous year Rs 1,192.55 crore) out of which the provision against non-performing assets (NPA) was Rs 884.86 crore (Rs 736.46 crore).

The gross and net NPA as on September 30, 2021 stands at Rs 15,665.69 crore and Rs 3,741.21 crore as against the figures of Rs 17,659.63 crore and Rs 5,290.60 crore as on September 30, 2020.

The provision coverage ratio as on September 30, 2021 was at 92 per cent.

During the quarter ended September 30, 202L, IOB has reported 30 fraud cases involving Rs 959.19 crore for which it is holding 100 per cent provision.

According to IOB, the total cash recovery for September 2021 was Rs 831.77 crore (includes recovery from technical write off of Rs.428.61 crore) as against Rs 751.97 crore (includes recovery from technical write off of Rs 233.74 crore) in June 2021.

The Bank has successfully come out of Prompt Corrective Action on September 29, 2021.

The bank's total business (deposits plus advances) stood at Rs 490,408 crore as on September 30, 2021 as against Rs 478,365 crore as on 30th June 2021.

The IOB's gross advances stood at Rs 146,940 crore as on 30th September 2021 as against Rs 135,469 crore as on 30th September 2020.

The total deposits stood at Rs 250,890 crore as on 30th September 2021 as against Rs 242,941 crore as on 30th June 2021.