Public sector Indian Overseas Bank today reported a 35.5 percent decline in net profit to Rs 75.07 crore for the third quarter ended December 31, 2013. The Chennai-based bank had reported net profit of Rs 116.50 crore in the corresponding period of the previous year.
For the nine-month period ending December 31, the net profit slipped by 34.4 percent to Rs 333.41 crore in the quarter under review from Rs 508.36 crore in the same period of the previous year, the bank said in a BSE filing.
The total income in the December quarter rose to Rs 6,190.26 crore from Rs 5,846.98 crore in the comparable period.
Also read: ICICI Bank Q3 profit grows 13% on higher NII, other income
Gross non-performing assets (NPA) for the third quarter rose to 5.27 percent as against 4.13 percent registered during the same period of the last fiscal. Net NPA of the bank increased to 3.24 percent from 2.33 percent.
Total business rose to Rs 3,87,406 crore from Rs 3,43,186 crore. Total deposits grew to Rs 2,13,319 crore as on December 31, 2013 from Rs 1,85,573 crore in the comparable period. Total gross advances increased to Rs 1,74,087 crore from Rs 1,57,613 crore.
Total capital fund of the bank stands at Rs 18,943.80 crore as on December 31, 2013 as against Rs 17,219.94 crore registered as on December 31, 2012, it said. "The increase in capital fund is due to infusion of capital to the extent of Rs 1,200 crore from Government of India", the filing said.
Shares of the bank were trading at Rs 43.55 apiece down by 6.04 percent over previous close intra-day on BSE.
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