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Indian Overseas Bank\'s net profit dips 16%

Public sector Indian Overseas Bank has reported a 16.3 per cent dip in its net profits for the second quarter ending September 30 at Rs 132.55 crore.

 

The Chennai-based bank has reported Rs 158.43 crore net profit during the corresponding period of previous year, Indian Overseas Bank said in a statement.

 

For the half-year ending September 30, 2013 the net profits of the bank declined by 34 per cent to Rs 258.34 crore from Rs 391.86 crore registered during the corresponding period of previous year.

 

For the year ending March 31, 2013 the net profits of the bank stood at Rs 567.23 crore.

 

The total income of the bank for the quarter ending September 30, 2013 marginally increased to Rs 5,999.75 crore from Rs 5,515.02 crore registered during the same period of previous year.

 

For the half year ending September 30, 2013 the total income of the bank grew to Rs 12,186.90 crore from Rs 10,917.87 crore registered during the same period of previous year.

 

For the year ending March 31, 2013 the total income of the bank stood at Rs 22,649.63 crore, it said.

 

The total business of the bank grew to Rs 3,89,005 crore up 13.58 per cent during the quarter ending September 30, 2013 from Rs 3,42,508 crore registered during the same period of previous year.

 

Total deposits of the bank grew to Rs 2,12,705 crore for the quarter ending September 30, 2013 up by 12.47 per cent from Rs 1,89,115 crore registered during the corresponding period of previous year, it said.

 

The total gross advances increased to Rs 1,76,300 crore for the quarter from Rs 1,53,393 crore registered during the corresponding period of previous year.

 

The net interest income of the bank for the half-year ending September 30, 2013 stood at Rs 2,768.04 crore as against Rs 2,574.47 crore registered during the same period of previous year, it said.

 

Gross NPA of the bank for the first half of the current fiscal (as on September 30, 2013) stood at Rs 8,202 crore with Gross NPA ratio at 4.65 per cent.

 

Net NPA of the bank as on September 30, 2013 stood at Rs 4,875 crore with Net NPA ratio at 2.83 per cent respectively, it said.

 

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