IOB net drops 16% to Rs 133 cr

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SummaryChennai-based public sector lender Indian Overseas Bank (IOB) on Friday reported a 16.35% drop in its net profit at R132.5 crore

Chennai-based public sector lender Indian Overseas Bank (IOB) on Friday reported a 16.35% drop in its net profit at R132.5 crore in the second quarter against a profit of R158.4 crore in the year-ago period. The bank's total income fell 8% to R5,515 crore from R5,999 crore. Its total business stood at R3.89 lakh crore as on September 30.

M Narendra, chairman & MD, IOB, said loss of treasury income of around R400 crore during the quarter led to the fall in profit. "However, considering the difficult economic conditions, the bank has posted a decent performance," he said. The bank's total capital funds stood at R17,745.2 crore. Credit deposit ratio increased to 82.88% from 81.11%, while gross NPAs were at R8,202 crore with a gross NPA ratio of 4.65%.

Narendra said gross NPAs may be viewed from the standpoint of improved cash recovery, upgradation and technical write-offs.

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