Indian Overseas Bank Q3 profit at Rs 213 cr vs Rs 6,075 cr year-ago loss

Lender has said that it plans to come out of Prompt Corrective Action by focusing on recovery, low cost deposits and less capital consuming advances

Indian Overseas Bank (IOB) on Tuesday reported a profit of Rs 213 crore during the quarter December 2020 compared to Rs 6,075 crore in loss a year ago, as its management refused to comment if the state-owned lender was "on the block" for disinvestment.

Operating profit rose to Rs 1,731 crore from Rs 762 crore a year ago, helping plans to come out of the central bank’s Prompt Corrective Action (PCA) by focusing on recovery, low cost deposits and less capital consuming advances.

"We cannot comment as we are not aware on whether we are on the block or not,"