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IOB Q3 net down 35% at Rs 75.07 cr; scrip falls nearly 6%

By Religare
|

Public sector lender Indian Overseas Bank (IOB) on Wednesday reported a 35.56 per cent decline in its standalone net profit for the third quarter ended December 2013 at Rs 75.07 crore, dented by rise in non-performing assets amid a challenging operating environment for the banking industry.

In Q3 FY 2012-13, the public sector lender had posted a standalone net profit of Rs 116.50 crore, Indian Overseas Bank said in a filing to the Bombay Stock Exchange (BSE).

 

For the nine-month period ending December 31, the net profit slipped by 34.4 per cent to Rs 333.41 crore in the quarter under review from Rs 508.36 crore in the same period of the previous year.

Total standalone income grew by 5.87 per cent at Rs 6190.26 crore in Q3 FY 2013-14 from Rs 5846.98 crore in the same period a year ago.

Gross Non-Performing Assets (GNPA) as a percentage of gross advances climbed to 5.27 per cent in Q3 FY 2013-14 from 4.13 per cent in the same period a year ago while net NPAs as a percentage of net advances rose to 3.24 per cent from 2.33 per cent in the same period, signaling deterioration in asset quality.

Capital Adequacy Ratio of the bank, under Basel III was at 10.99 per cent as on Dec. 31, 2013.

Weighed down by earnings, shares of lender closed at Rs 43.65 a piece, down 5.83 per cent from previous closing on BSE.

Read more about: indian overseas bank
Story first published: Wednesday, January 29, 2014, 22:03 [IST]
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