IOB Q1 net profit up 14% at Rs 233 cr

Public sector lender Indian Overseas Bank’s (IOB) net profit rose by 13.6% year-on-year to Rs 233.4 crore in the quarter ended June 2012. Net interest income during the same period went up by 11.8% to Rs 1,328 crore.

But, capital adequacy ratio declined 70 basis points quarter-on-quarter to 12.6% in the first quarter of FY13. Net interest margin too fell 11 basis points to 2.59% QoQ.

The bank made higher provisions for the quarter around Rs 520.4 crore as compared to Rs 387.6 crore QoQ.

Gross non-performing assets (NPAs) rose by 23 basis points QoQ to 2.97% and net NPAs increased 13 basis points to 1.48% during the same period.

Gross NPAs stood at Rs 4,410 crore in the quarter ended June 2012 as against Rs 3,920 crore in the previous quarter and net NPAs at Rs 2,152 crore as against Rs 1,907.4 crore QoQ.

At 13:39 hours IST, the share gained 2.14% at Rs 71.50 amid large volumes.

Source: www.moneycontrol.com

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Gaurav Agarwal

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DENIP Consultants Pvt Ltd