Can you give me your thoughts on the IOB results for the Jun-20 quarter?
Answer
Answer
IOB reported a standalone net profit of Rs.121 crore for the Jun-20 quarter. This is in sharp contrast to the huge net loss of Rs.342 crore last year. Net interest income or NII grew 9.61% to Rs.1412. Total provisions fell 16% in the quarter.
IOB gross NPAS fell nearly 863 basis points to 13.9%, which is still quite steep while net NPAs at 5.1% was quite encouraging. The bank has seen growth in total advances and deposits in the quarter and that is a good sign. The stock still quotes at just about double digits.