<p>State-owned Indian Overseas Bank (IOB) on Thursday reported a 22 per cent growth in its profit at Rs 555 crore in the quarter ended December 2022 due to an increase in interest income and improved asset quality.</p>.<p>The Chennai-based bank had posted a net profit of Rs 454 crore in the same quarter a year ago.</p>.<p>The bank's total income increased to Rs 6,006 crore in the latest December quarter from Rs 5,317 crore in the year-ago period, IOB said in a regulatory filing.</p>.<p>Interest income of the bank increased to Rs 5,056 crore as against Rs 4,198 crore in the third quarter of the previous fiscal.</p>.<p>On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 8.19 per cent, as compared to 10.4 per cent at the end of third quarter of previous fiscal.</p>.<p>At the same time, net NPAs too eased to 2.43 per cent, as against 2.63 per cent in the same period a year ago.</p>.<p>As a result, provisions for bad loans declined to Rs 711 crore as against Rs 937 crore during the same quarter a year ago.</p>.<p>The capital adequacy ratio declined marginally to 15.16 per cent in the December quarter as against 15.41 per cent at the end of third quarter of previous financial year.</p>
<p>State-owned Indian Overseas Bank (IOB) on Thursday reported a 22 per cent growth in its profit at Rs 555 crore in the quarter ended December 2022 due to an increase in interest income and improved asset quality.</p>.<p>The Chennai-based bank had posted a net profit of Rs 454 crore in the same quarter a year ago.</p>.<p>The bank's total income increased to Rs 6,006 crore in the latest December quarter from Rs 5,317 crore in the year-ago period, IOB said in a regulatory filing.</p>.<p>Interest income of the bank increased to Rs 5,056 crore as against Rs 4,198 crore in the third quarter of the previous fiscal.</p>.<p>On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 8.19 per cent, as compared to 10.4 per cent at the end of third quarter of previous fiscal.</p>.<p>At the same time, net NPAs too eased to 2.43 per cent, as against 2.63 per cent in the same period a year ago.</p>.<p>As a result, provisions for bad loans declined to Rs 711 crore as against Rs 937 crore during the same quarter a year ago.</p>.<p>The capital adequacy ratio declined marginally to 15.16 per cent in the December quarter as against 15.41 per cent at the end of third quarter of previous financial year.</p>