State-run Indian Overseas Bank reported an over two-fold rise in its profit-after-tax at Rs 350 crore in the three months to March 2021, helped by higher growth in other income and on improvement in asset quality. In the quarter ended March 2020, the lender had registered a profit-after-tax of Rs 144 crore after being in red for 18 consecutive quarters.The bank has posted yearly net profit of Rs 831 crore for the year ended March 2021 after six years. In FY20, it had reported a loss of Rs 8,527 crore.”There has been good improvement in all the financial parameters. Our asset quality has also witnessed a substantial decline,” the lender’s Managing Director and CEO Partha Pratim Sengupta told reporters.
