The bank's operating profit jumped by 127% to Rs 1731.33 crore in Q3FY21 from Rs 762.34 crore in Q3 FY20. The bank posted a pre-tax profit of Rs 217.76 crore in Q3 FY21 compared with pre-tax loss of Rs 5,901.60 crore in Q3 FY20. Tax expense reduced to Rs 4.89 crore in Q3 FY21 compared with Rs 173.89 crore in Q3 FY20.

Interest income stood of Rs 4244 crore for the quarter ended 31 December 2020. Net interest margin improved to 2.45% in Q3 FY21 from 1.94% in Q3 FY20.

On the asset quality front, gross non-performing assets (NPAs) stood at Rs 16,753.48 crore as on 31 December 2020 as against Rs 17,659.63 crore as on 30 September 2020 and Rs 23,733.86 crore as on 31 December 2019.

The ratio of gross NPAs (GNPA) to gross advances stood at 12.19% as on 31 December 2020 as against 13.04% as on 30 September 2020 and 17.12% as on 31 December 2019. The ratio of net NPAs (NNPA) to net advances stood at 3.13% as on 31 December 2020 as against 4.3% as on 30 September 2020 and 5.81% as on 31 December 2019.

The bank's provisions and contingencies slipped 77.29% to Rs 1513.57 crore in Q3 FY21 from Rs 6,663.94 crore in Q3 FY20. The PSU bank said it holds a total provision of Rs 924 crore, which included COVID provision of Rs 683 crore and for adherence to Supreme Court order Rs 241 crore. The bank its provision coverage ratio improved to 91.91% at the end of December 2020.

Total deposits rose to Rs 2,34,116 crore as on 31st December 2020 as against Rs 2,21,290 crore as on 31st December 2019. CASA improved to 40.93% as on 31st December 2020 as against 39.10% as on 31st December 2019.

Gross advances stood of Rs 1,37,469 crore as on 31st December 2020 as against Rs 1,38,643 crore as on 31st December 2019. The bank has evolved a policy of not taking fresh exposures in stressed sectors, below hurdle rated accounts and BB and below rated accounts. The bonk hos also exited from accounts in the stressed sectors, wherever feasible.

The Government of India held 95.84% stake in Indian Overseas Bank as on 31 December 2020.