Q1 Financial Result of IOB was announced

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 30.06.2021 recorded at Rs.327 crore. Net NPA has stood at 3.1 5% which is within prescribed RBI guidelines. During the quarter GNP A reduced by Rs.37 T crore. GNPA ratios improved to 11.48% from I 1.69% QoQ. The provision coverage ratio recorded at 91.56%
Total business increased to Rs. 4,78.365 crore as on 30th June 2021 as against Rs. 4,43,155 crore as on 30th June 2020. (Including Investment)
Total deposits increased to Rs. 2,42,941 crore as on 30th June 2021 as against Rs.2,2d.546 crore as on 30th June 2020.
CASA of the Bank improved to 4 1.63% as on 30th June 2021 CiS against 41 .02s as on 30th June 2020. Total CASA has increased from Rs.92,5 14 crore as on 30.06.2020 to Rs. I .01,129 crore as on 30.06.2021, SB (3avings Bankj registered ] 0.82% YoY growth as at 30th June ‘ 21 over 30th June’20.
Gross Advances increased to Rs. 1,38,944 crore as on 30th June 2021 as against Rs.1,3 1 ,565 crore as on 30th June 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 due to improve the quality of asset.
Operating Profit for Quarter ended 30th June 2021 increased to Rs.1202 crore from Rs. 1 094 crore for the quarter ended 30th June 2020 due to reduction in interest expenditure / interest paid on deposits.
Provisions & Contingencies tor quarter ended June’21 is Rs.868 crore as against Rs.970 crore for quarter ended June’ 20.
Net Profit: Net Profit for the quarter ended 30th June 2021 is Rs.327 crore as against Net Profit of Rs. 121 .00 crore for the quarter ended 30th June 2020.
Total income for the quarter ended 30th June 2021 stood at Rs.5,155 crore as against Rs.5234 crore for the quarter ended 30th June 2020.
Interest income stood at Rs.4.063 close for the Quarter ended 30th June 2021 as against Rs.4,302 crore for the quarter ended 30th June 2020.
Non-interest income is Rs.1.092 crore for the quarter ended 30th June 2021 as against Rs.932 crore for the quarter ended 30th June 2020 due to increase in other income.
Total Expenditure decreased from Rs.4,139 crore for the quarter ended 30th June 2020 to Rs.3.953 crore for the quarter ended 30th June 2021 due to reduction in interest expenditure.
NPA MANAGEMENT: Gross NPA as at 30th June 2021 is at Rs.15,952 crore with ratio of 11.48% as against Rs.18.291 crore with ratio of 3.90% as on 30th June 2020.
Total Reduciion in NPA of Rs. 1,616 crore achieved for quarter ended June ’21 as against the NPA Reduction of Rs.1,969 crore during quarter ended June ’20
Net NPA is at Rs. 3.998 crore with ratio of 3. 15% as on 30th June 2021 as against Rs.6.081 crore with ratio of 5.10% as on 30th June 2020, reducing it by Rs.2,083 crore in absolute terms.
Provision Coverage Ratio is improved to 91.S6P as on 30’h June 2021 as against 87.97% as on 30th June 2020.

Author: nammamadrasnews

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