Indian Overseas Bank Shares Rise 4% After Reporting A 58% Jump In Profit

Indian Overseas Bank's shares gained over 4 per cent after it reported a near 58 per cent bounce in its net profit in the March quarter.

Indian Overseas Bank's (IOB) shares gained over 4 per cent on Wednesday after it reported a near 58 per cent bounce in its net profit to Rs 552 crore in the March quarter.

The company's shares rose 5 per cent to Rs 17.85 during the session and finally closed over 4 per cent higher.

On Wednesday, the public sector lender reported a net profit of Rs 552 crore, a near 58 per cent jump from a year ago, in the quarter that ended in March, mainly due to lower bad loans' provisioning.

In the March quarter of last year, the bank had posted a net profit of Rs 350 crore.