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.
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.
Also Read: Central Bank of India Q1 profit jumps 9 times to Rs 192 cr
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.
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