Q2 Results: State-owned Indian Overseas Bank reports net profit of Rs 148 crore

Public lender Indian Overseas Bank (IOB) registered a net profit of Rs 148 crore for the second quarter of current fiscal on account of fall in bad loans and provisions. There was a considerable improvement in bank’s asset quality as the gross non-performing assets (NPAs) fell to 13.04 per cent of the gross advances as of September 30, 2020. The state-owned bank has also made required provisioning in advances in specific accounts in order to improve net NPAs.

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