Indian Overseas Bank gains on reporting 2-fold jump in Q4 net profit

Indian Overseas Bank is currently trading at Rs. 21.30, up by 0.20 points or 0.95% from its previous closing of Rs. 21.10 on the BSE.

The scrip opened at Rs. 21.60 and has touched a high and low of Rs. 21.80 and Rs. 21.20 respectively. So far 966277 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 23.45 on 08-Jun-2021 and a 52 week low of Rs. 8.80 on 16-Oct-2020.

Last one week high and low of the scrip stood at Rs. 22.20 and Rs. 19.85 respectively. The current market cap of the company is Rs. 39884.09 crore.

The promoters holding in the company stood at 95.84%, while Institutions and Non-Institutions held 1.66% and 2.50% respectively.

Indian Overseas Bank has reported 2-fold jump in its net profit at Rs 349.77 crore for fourth quarter ended March 31, 2021 under review as compared to Rs 143.79 crore for the same quarter in the previous year. Total income of the bank increased by 10.75% at Rs 6073.80 crore for Q4FY21 as compared Rs 5484.06 crore for the corresponding quarter previous year.

For the year ended March 31, 2021, the bank has reported net profit at Rs 831.47 crore as compared to net loss at Rs 8527.40 crore for the previous year. Total income of the bank increased by 8.75% at Rs 22524.55 crore for year under review as compared to Rs 20712.48 crore for year ended March 31, 2020.

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