Indian Overseas Bank shares jump 10 pc

Shares of Indian Overseas Bank (IOB) on Thursday zoomed 10 per cent after it posted a net profit of Rs 143.79 crore in the quarter ended March 2020. The public sector bank had posted a net loss of Rs 1,985.16 crore during January-March quarter of preceding fiscal ended March 2019. In October-December 2019, its net loss stood at Rs 6,075.49 crore.

Shares of Indian Overseas Bank (IOB) on Thursday zoomed 10 per cent after it posted a net profit of Rs 143.79 crore in the quarter ended March 2020. The stock jumped 10 per cent to close at Rs 11.99 -- its highest trading permissible limit for the day -- on the BSE.

On the NSE, it rose by 9.63 per cent to close at Rs 11.95. The public sector bank had posted a net loss of Rs 1,985.16 crore during January-March quarter of preceding fiscal ended March 2019.

In October-December 2019, its net loss stood at Rs 6,075.49 crore. Income during March quarter of fiscal year 2020 remained nearly flat at Rs 5,484.06 crore as compared with Rs 5,473.92 crore in the same period of 2018-19, IOB said in a regulatory filing. On asset quality front, there was a huge improvement in gross non-performing assets (NPA) which stood at 14.78 per cent of the gross advances as on March 31, 2020 as against 21.97 per cent at the end of March 2019.