After reporting loss for nearly 18 consecutive quarters, or four-and-a-half years, public sector lender Indian Overaseas Bank (IOB) posted a pre-tax profit of Rs 83.48 crore in comparison with a loss of Rs 3370.42 crore throughout identical interval final 12 months.
With this, the financial institution has met the ultimate parameter to return out from the Reserve Bank of India’s Prompt Corrective Action (PCA) framework, which was imposed in 2015.
Total revenue of the financial institution stood at Rs 5,484.06 crore through the quarter in comparison with Rs 5,473.92 crore through the corresponding quarter final 12 months. Gross Non Performing Assets (NPAs) decreased to Rs 19,912.70 crore, which is 14.78 per cent of the gross advances, in comparison with Rs 33,398.12 crore (21.97 per cent) in the identical interval earlier 12 months.
Net NPA was Rs 6,602.80 crore (5.44 per cent) in opposition to Rs 14,368.30 crore (10.81 per cent) through the fourth quarter of final 12 months.