State-owned lender Indian Overseas Bank's (IOB) net profit rose by 7.4 percent year-on-year to Rs 116 crore in the third quarter of financial year 2012-13, impacted by higher provisions.
Net interest income increased 13 percent to Rs 1,381.5 crore from Rs 1,221 crore during the same period.
Gross non-performing asset (NPA) went up by 26 basis points QoQ to 4.13 percent and net NPA moved up by 8 basis points QoQ to 2.33 percent in October-December quarter.
Provisions against bad loans jumped to Rs 811 crore in the December quarter as against Rs 551.6 crore in September quarter.
Capital adequacy ratio stood at 11.65 percent in the third quarter of FY13 as against 12.07 percent in previous quarter.
IOB approved issue of shares worth Rs 154 crore to government and LIC on preferential basis.
At 13:41 hours IST, shares fell 2.25 percent to Rs 80.45 on Bombay Stock Exchange on Wednesday. Shares also dropped more than 2 percent on Tuesday. Also Read
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