Indian Overseas Bank posts Rs 121 crore net profit in Q1
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New Delhi, Aug. 20 -- State-owned Indian Overseas Bank on Thursday, reported a standalone net profit of Rs.120.69 crore for the June quarter of FY21 as provisions declined and other income rose. The bank had reported a net loss at Rs.342.08 crore during corresponding quarter previous year.
The bank's net interest income - difference between interest earned and interested expended - grew 9.61% year-on-year (y-o-y) to Rs.1,412.32 crore for the quarter ended 30 June over Rs.1,288.46 crore in the same quarter last year.
The bank's other income, which includes core fee income, rose 39.05% y-o-y to Rs.931.79 crore during the quarter under review. Its total provisions fell 16.26% during the June quarter to Rs.969.52 crore against Rs.1,157.82 c...
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