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IndianOverseas Bank Q1 net profit zooms over 2-fold to Rs 272 Cr.
Published on July 29, 2014
Mumbai: Public sector Indian Overseas Bank has reported over two-fold jump in net profit for the first quarter ended June 30, 2014 at Rs 271.72 crore. The city-based bank had reported net profits of Rs 125.79 crore in the corresponding period of the 
previous year. Total income for the first quarter ended June 30, 2014, grew to Rs 6,284.69 crore from Rs 6,187.15 crore registered during the same period of the previous year.
Gross NPA of the bank as on June 30, 2014 stood at 5.84 percent, as against 4.45 percent registered during the same period of the previous year.
Net NPA stood at 3.85 percent in the reported quarter as against 2.81 percent registered during the same period of the previous year. Total business for the April-June 2014 quarter grew to Rs 3,99,188 crore, up by 9.94 percent, from Rs 3,63,087 crore registered during the same period of the previous year.
The bank said total deposits for the quarter grew to Rs 2,21,879 crore from Rs 1,96,213 crore in the year-ago period. Gross advances increased to Rs 1,77,309 crore, as on June 30, 2014 from Rs 1,66,874 crore, registered during the same period of the previous year. CASA Ratio stood at 24.50 percent as on June 30, 2014 as against 25.61 percent as on June 30, 2013, the bank said.
Financial Results in Billion:
State-run lender Indian Overseas Bank has posted 116% growth in its first quarterly net profit at Rs 2.71 billion in 2014-15 as compared to Rs 1.25 billion on-year.
Total income surged from Rs 61.87 billion in the first three months of the 2014 fiscal to Rs 62.84 billion in the same period in the 2015 fiscal.
Total business increased by 9.94% to Rs 3.99 trillion in the April-June quarter of the 2015 fiscal as against Rs 3.63 trillion in the year ago period.
Total deposits stood at Rs 2.21 trillion as on June 30, 2014, while total advances were recorded at Rs 1.77 trillion.
The gross non-performing assets of the bank were recorded at 5.84% at the end of the first quarter of this fiscal as against 4.45% y-o-y. Net NPA was seen at 3.85%.
Source : Sachin Murdeshwar
