Chennai, Aug 3 (TIWN) Public sector Indian Overseas Bank (IOB) closed the first quarter of the current fiscal with a net profit of about Rs 327 crore, Managing Director & CEO Partha Pratim Sengupta said on Tuesday.

Total income during the first quarter of 2021-22 was seen at Rs 5,155 crore, down marginally by 1.5 per cent from Rs 5,234 crore during the same period last year. The bank’s managing director and chief executive officer P P Sengupta said fewer provisions and more recovery mainly contributed to the rise in net profit. IOB's provision for bad loans and contingencies for the quarter under review dropped by 11 per cent from Rs 970 crore during the first quarter of the last financial year to Rs 868 crore during the April to June quarter of 2021.