For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

IOB Q1 2014 net profits slump; asset quality deteriorates

|

In line with expectations of falling profitability among PSU banks, Indian Overseas Bank has reported a sharp drop in net profits to Rs 125.80 crores, as against Rs 588.7 crores in the previous quarter ending March 31, 2013.

The asset quality has deteriorated further with gross non performing assets at 4.45 for Q1 2014 as against 4.01 in the previous quarter ending March 31, 2013. The net NPAS have also gone upto 2.81 per cent in Q1 2014.

 

Total income has increased to Rs 6197 crores for the quarter under review. The stock price of Indian Overseas Bank dropped sharply by 3.39 per cent following the results and was last trading at Rs 45.70.

IOB like most other public sector and private sector banks have seen a sharp increase in non performing assets, as slowdown takes its toll on economic growth.

GoodReturns.in

Read more about: iob q12014
Story first published: Thursday, July 25, 2013, 14:24 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC

We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more