1. Indian Overseas Bank net nosedives 95% in Q1

Indian Overseas Bank net nosedives 95% in Q1

Chennai-based public sector lender Indian Overseas Bank (IOB) has reported a 94.56% drop in its net profit at Rs 14.76 crore...

By: | Chennai | Published: July 26, 2015 12:15 AM

Chennai-based public sector lender Indian Overseas Bank (IOB) has reported a 94.56% drop in its net profit at Rs 14.76 crore for the first quarter as compared to Rs 271.72 crore in the same quarter previous fiscal.  The total income in the quarter has increased to Rs 6,672 crore from Rs 6,285 crore, registering a growth of 6.16%.

The bank, in a statement on Saturday, said gross NPA stood at Rs 16,451.20 crore as on June 30, 2015, as against Rs 14, 922.45 crore in the corresponding period previous year, with gross NPA ratio of 9.40% and 8.33%, respectively. Similarly, net NPA was at Rs 10,643.43 crore as against Rs 9,813.33 crore, with net NPA ratios of 6.31% and 5.68%, respectively. Provision coverage ratio stood at 50.79%.

Net interest margin (NIM) stood at 1.92% during the quarter as against 1.87% , while credit-deposit ratio was at 75.39% as against 79.91% in the corresponding quarter of the previous fiscal.

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