Mumbai, May 2 -- State-owned Indian Overseas Bank (IOB) on Friday posted a 30 percent year-on-year rise in its net profit for the March quarter, coming in at Rs.1,051 crore, aided by a decline in non-performing assets and higher interest income.

The bank had reported a net profit of Rs.808 crore in the same period last year.

During the fourth quarter, total income increased to Rs.9,215 crore from Rs.9,106 crore in the year-ago period, the Chennai-headquartered lender said in a regulatory filing.

Interest income rose sharply to Rs.7,634 crore, compared to Rs.6,629 crore in the corresponding quarter of the previous year.

Asset quality improves significantly

Gross Non-Performing Assets (NPAs) as a percentage of gross advances eased to 2...