Net Interest Income (NII) or core income for the quarter grew by 11.1% from the same quarter last year to ₹3,470 crore from ₹3,123 crore earlier.
Net profit for the period grew by 43.2% from the year-ago period to ₹1,505 crore. Profitability was aided by lower provisions. Provisions for the quarter declined to ₹1,005 crore from ₹1,235 crore during the December quarter.
Asset quality saw improvement on a sequential basis with Gross NPA improving to 1.42% from 1.54%, while Net NPAs bettering to 0.21% from 0.24% earlier.
In absolute terms, Gross NPA stood at ₹4,409 crore from ₹4,529 crore in December, while net NPA improved to ₹637 crore from ₹707 crore earlier.
Shares of Indian Overseas Bank are now trading 2.8% higher after the earnings announcement at ₹35.94. The stock has risen 15% higher in the last one month.
