IOB Q1 net profit rises 20% to ₹392 crore
The Hindu
Interest income of the bank moved up to ₹4,435 crore as against ₹4,063 crore
State-owned Indian Overseas Bank (IOB) on Saturday posted a 20% rise in net profit to ₹392 crore for the first quarter of the current financial year, helped by a decline in bad loans.
The Chennai-based lender had reported a net profit of ₹327 crore in the April-June quarter of 2021-22.
The bank's total income declined to ₹5,028 crore in the first quarter of 2022-23, as against ₹5,607 crore in the same period a year ago, IOB said in a regulatory filing.
Operating profit slipped to ₹1,026 crore from ₹1,202 crore a year earlier.
However, interest income of the bank moved up to ₹4,435 crore as against ₹4,063 crore.
Net interest margin (NIM) rose to 2.53% as against 2.34% at the end of first quarter of FY22.
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