IOB posts Q1 net profit of `500 crore

Indian Overseas Bank (IOB) on Wednesday reported a 28 per cent jump in net profit at Rs 500 crore from Rs 392 crore in the year-ago period, led by higher income and better asset quality.

Total income of the bank rose to Rs 6,227 crore as against Rs 5,028 crore a year ago, led by an interest income of Rs 5,424 crore, which jumped from Rs 4,435 crore in the trailing 12 months period.

Non-interest income also rose to Rs 803 crore from Rs 593 crore, Ajay Kumar Srivastava, IOB CEO and MD said.