Indian Overseas Bank Q1 net down 94.56% at Rs 14.76 crore

Indian Overseas Bank (IOB) today reported 94.56 percent decline in net profit at Rs 14.76 crore for the quarter ended June 30, 2015, compared to the same period last year, on sharp increase in provisioning for bad loans.

Indian Overseas Bank Q1 net down 94.56% at Rs 14.76 crore

New Delhi: Indian Overseas Bank (IOB) today reported 94.56 percent decline in net profit at Rs 14.76 crore for the quarter ended June 30, 2015, compared to the same period last year, on sharp increase in provisioning for bad loans.

The bank reported a net profit of Rs 271.72 crore in the corresponding period of the previous fiscal.

IOB's total income grew to Rs 6,672.11 crore in the quarter under review, up 6.16 percent from Rs 6,284.69 crore during the same period of 2014-15 fiscal.

Provisions and contingencies in the June quarter stood at Rs 663.57 crore as against Rs 299.27 in the same quarter of the previous fiscal.

Gross NPA of the bank as on June 30, 2015 stood at 9.40 percent, as against 5.84 percent during the same period last fiscal.

Net NPA stood at 6.31 percent in the reported quarter as against 3.85 percent registered during the same period of the previous fiscal.

Total business for the April-June 2015 quarter grew to Rs 4,07,026 crore, up 1.96 percent, from Rs 3,99,188 crore during the year-ago period.

The bank said its total deposits for the quarter grew to Rs 2,32,064 crore from Rs 2,21,879 crore in the year-ago period.

Its gross advances were Rs 1,74,962 crore and the provision coverage ratio stood at 50.79 percent as on June 30, 2015.

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