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Home INTERNATIONAL Indian Overseas Bank surges 21% in 2 days submit Q4 results, hits...

Indian Overseas Bank surges 21% in 2 days submit Q4 results, hits 52-wk high

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Shares of Indian Abroad Bank (IOB) ended up locked in the higher circuit band of 10 for every cent, at Rs 13.18 — also its 52-week high — for next straight working day on the BSE on Friday after the bank documented a net profit of Rs 144 crore for the quarter finished March 2020 (Q4FY20) on the again of decreased provisioning for terrible loans. The point out-owned bank experienced posted a net loss of Rs 1,985 crore in the yr-back quarter.&#13
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The stock has rallied 21 for every cent in the past two trading times on the BSE. The buying and selling volumes on the counter jumped around 3-fold with a blended 19.5 million equity shares switching palms whilst there ended up pending buy orders for 7.52 million shares on the BSE and NSE until 10:18 am.&#13
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Following earning losses consistently for the final 18 quarters, the general public sector lender IOB described profit as bad financial loans declined substantially. This will, the administration states, help the bank to occur out of the prompt corrective action (PCA) imposed by the Reserve Bank of India (RBI) some five a long time back.&#13
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Net Interest cash flow (NII0 through March quarter of FY20 grew 3.6 per cent to Rs 1,532 crore as compared to Rs 1,479 crore in the corresponding quarter of the previous fiscal. Provisioning for poor loans and contingencies for the duration of the quarter underneath assessment fell to Rs 1,060 crore as towards Rs 4,502 crore in the yr-ago quarter.&#13
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On the asset good quality front, there was a massive improvement in gross non-undertaking assets (NPA) which stood at 14.78 for each cent of the gross advancements as on March 31, 2020, as in opposition to 21.97 per cent at the stop of March 2019. Net NPA declined to 5.44 for every cent from 10.81 for every cent in preceding 12 months quarter.&#13

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