Indian Overseas Bank Performance Highlights – 31.03.2021

The Bank has posted yearly net profit of Rs.831 crores for the year ended 31.03.2021 after 6 years.

• The Bank plans to come out of Prompt Corrective Action by focusing on Recovery, low cost deposits and less capital consuming advances.
• Profit for the quarter ended 31.03.2021 recorded at Rs.350 crores as against Rs.213 crores for the quarter ended 31.12.2020.
• Net NPA has stood at 3.58% which is within prescribed RBI guidelines.
• During the quarter GNPA reduced by Rs.430 crore.  GNPA ratios  reduced to 11.69%  from 14.78%  QoQ
• The provision coverage ratio improved to 90.34%

Performance Highlights for the Financial Year ended March 31, 2021

1. CASA of the Bank improved to 42.52% (Domestic 42.70%) as on 31^st March 2021 as against 40.26% (Domestic 40.67%) as on 31^st March 2020. Total CASA has increased from Rs.89,751 crores as on 31.03.2020 to Rs.1,02,165 crores as on 31.03.2021,and registered 13.83% growth as at 31^st March ’21 over 31^st March ‘20.
2. Total business stood at Rs.3,79,885 crore as on 31^st March 2021 as against Rs.3,57,723 crore as on 31^st March 2020 (Increase of 6.20%).
3. Total deposits increased to 2,40,288 crore as on 31^st March 2021 as against Rs.2,22,952 crore as on 31^st March 2020. The Bank has reduced the concentration of Bulk Deposits and high cost deposits and increased Retail Term Deposits to have a stable and sustainable deposit profile and reduce the cost of funds.
4. Gross Advances stood at Rs.1,39,597 crore as on 31^st March 2021 as against Rs.1,34,771 crore as on 31^st March 2020. The Bank has evolved a policy of not taking fresh exposures in stressed sectors, below hurdle rated accounts and BB and below rated accounts. The Bank has also exited from accounts in the stressed sectors, wherever feasible.
5. Operating Profit for the year ended 31.03.2021 stood at Rs.5,896 crore as against of Rs.3,534 crore on 31.03.2020 which is an increase of 67% over the previous year.
6. Total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for the previous year (2019-20)
7. Interest income stands at Rs.16,966 crore for the year ended 31.03.2021.
8. Other income stands at Rs.5,559 crores for the year ended 31.03.2021.
9. Total Expenditure stands at Rs.16,629 crore for the year ended 31^st March 2021 which is reduced as against Rs.17,232 crores for the year ended 31^st March 2020. Cost to Income decreased from 59.21% as at March ’20 to 48.54% as at March ’21.

10. Recovery in NPA accounts for the year ended 31.03.2021 is Rs.6,831 crores.

• GNPA reduced from 14.78% as at March ’20 to 11.69% as at March ’21.
• NNPA reduced from 5.44% as at March ’20 to 3.58% as at March’21
• Provision Coverage Ratio (PCR) improved from 86.94% as at March ’20 to 90.34% as at March ‘21