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Indian Overseas Bank stock ends 10% higher after lender reports profit in Q4

Indian Overseas Bank stock gained 10%  at Rs 11 against previous close of Rs 10.90 on BSE

twitter-logoBusinessToday.In | June 25, 2020 | Updated 17:53 IST
Indian Overseas Bank stock ends 10% higher after lender reports profit in Q4
Indian Overseas Bank share has gained 20.14% in the last 4 days

Share price of Indian Overseas Bank closed 10% higher today after the lender reported profit in Q4 against loss in corresponding period of 2018-19. The public sector lender reported standalone net profit of Rs 143.79 crore in Q4 against net loss of Rs 1,985.16 crore during corresponding quarter previous year.

Indian Overseas Bank stock gained 10%  at Rs 11 against previous close of Rs 10.90 on BSE. Indian Overseas Bank share has gained 20.14% in the last 4 days. The banking stock stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Indian Overseas Bank share has gained 5.92% in one year and risen 6.48% since the beginning of this year.  In a month, the banking stock has climbed 65.84% on BSE. The stock rose 18.6% in one week. Total 31.95 lakh shares changed hands amounting to turnover of Rs 3.72 crore.

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Market cap of the bank rose to Rs 19,707 crore. The stock hit its 52-week high of Rs 12.90 on June 28 , 2019 and 52 week low of Rs 6.17 on March 13, 2020. Total income in Q4 stood at Rs 5,484.06 crore against Rs 5,473.92 crore registered in the same period last fiscal.

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In last fiscal, net loss of the bank stood at Rs 8,527.40 crore compared with net loss of Rs 3,737.88 crore in 2018-19. For the full year ending March 31, 2020, total income of the bank fell to Rs 20,712.48 crore against Rs 21,837.58 crore registered previous year. The bank said it successfully raised Basel III Compliant Tier II Bonds Series III to the tune of Rs 500 crore in last fiscal.

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