Mumbai: Indian Overseas Bank announced today its Q1 F15 results at a press

conference in Trident Hotel, BKC, Mumbai :THE BANKS OVERALL FINANCIAL PERFORMANCE HIGHLIGHTS FOR THE QUARTER ENDED 30th June 2014. Indian Overseas Bank saw its Q1FY15 net income more than double YoY on significantly lower provisions. It reported a sharp increase in stressed assets formation during the quarter with impaired loans rising to 13.1% of loans.

DEPOSITS (YOY)  13.08%

ADVANCES (YOY) 6.25%

TOTAL BUSINESS (YOY) 9.94%

NET PROFIT (YOY) 115.99%

(1) TOTAL BUSINESS: Total business grew from Rs.3,63,087 crore as on 30.06.2013 to Rs.3,99,188 crore as on 30th June 2014 recording a growth of 9.94%

(2) DEPOSITS: Total deposits grew from Rs. 1,96,213/- crore as on 30.06.2013 to Rs. 2,21,879 crore as on 30th June 2014 recording a year on year growth of 13.08 %.

(3) ADVANCES: Gross Advances increased from Rs. 1,66,874/- crore as on 30.06.2013 to Rs.1,77,309 crore as on 30th June 2014 registering a growth of 6.25%.

(4) OPERATING PROFIT: Operating Profit for the three months period ended 30th June 2014 stood at Rs. 686.41crore.

(5) NET PROFIT: Net Profit for the three months period ended 30th June 2014 is Rs.271.72 crore as against Rs.125.80 crore for the quarter ended 30.06.2013 registering a growth of 115.99%.

(6) TOTAL INCOME: Total income for the quarter ended 30.06.2014 stood at Rs.6284.69 crore as against Rs.6,187.15 crore for the corresponding quarter of last year, registering a growth of 1.58%

(7) INTEREST INCOME: Interest income for the quarter ended 30.06.2014 stood at Rs.6007.04 crore as against Rs. 5,402.63 crore for the corresponding quarter of last year, registering a growth of 11.19%

(8) NON INTEREST INCOME: Non interest income (including profit on sale of investments) for the quarter ended 30.06.2014 stood at Rs.277.65 crore.

(9) INTEREST EXPENSES: The interest expenses for the quarter ended 30.06.2014 stood at Rs.4580.16 crore as against Rs. 4,086.42 crore for the corresponding quarter of last year.

(10) NET INTEREST INCOME: Net interest income stood at Rs.1426.88 crore for Q1 of 2014-15 as against Rs.1,316.22 crore for the corresponding quarter of the previous year.

(11) NET INTEREST MARGIN: NIM stood at 2.24 during the quarter ending 30.06.2014.

(12) CAPITAL ADEQUACY RATIO (CRAR):

Basel III (30.06.2013) Basel III (30.06.2014) Tier II 7.14% 7.40% Tier III 3.79% 3.21% Total 10.93% 10.61%

Total Capital funds of the Bank stands at Rs.19937.40 crore under Basel III as on 30.06.2014 as against Rs. 17,902.66 crore as on 30.06.2013.

(13) BUSINESS PER EMPLOYEE: Business per employee for the quarter ending 30.06.2014 stood at Rs.12.77 crore as against Rs.12.33 crore for the corresponding quarter of the previous year.

(14) PROFIT PER EMPLOYEE: Profit per employee for Q1 of 2014-15 stood at Rs. 0.86 lac as against Rs. 0.43 lacs as on 30.06.2013.

(15) CREDIT DEPOSIT RATIO: CD Ratio for Q1 of 2014-15 stood at 79.91 % as against 85.05% for the corresponding quarter of the previous year.

(16) CASA RATIO: CASA Ratio stood at 24.50% as on 30.06.2014 as against 25.61% as on 30.06.2013.

(17) BOOK VALUE PER SHARE: Book value per share stood at Rs.107.86 as on 30.06.2014 as against Rs. 119.05 as on 30.06.2013.

(18) EARNINGS PER SHARE (ANNUALIZED): EPS for the quarter ended 30.06.14 stood at Rs.8.80

(19) NPA MANAGEMENT: Gross NPA as on 30.06.2014 stood at Rs. 10350.83 crore as against Rs. 7,431.69 crore as on 30.06.2013 with Gross NPA ratio of 5.84% and 4.45% respectively.

Net NPA as on 30.06.2014 stood at Rs.6643.62 crore as against Rs.4,580.40 crore as on 30.06.2013 with Net NPA ratio of 3.85% and 2.81% respectively.

(20) PROVISION COVERAGE RATIO: Provision Coverage Ratio (PCR) stood at 52.85% as on 30.06.2014.

(21) Return on Assets Ratio: Return on Assets for 3 Months (Q1 of 2014-15) stood at 0.39%

(22) Cost to income ratio: The ratio for the quarter ended 30.06.2014 stood at 59.73%.

Source: Sachin Murdeshwar