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IOB Q1 net slips 95% at Rs 14.76 cr

By Religare
|

State -run lender Indian Overseas Bank (IOB) has reported that its net profit for the first quarter ended June 30, 2015 plunged by about 95 per cent at Rs 14.76 crore from the same period a year ago as net interest income fell while asset quality deteriorated sharply.

In Q1 FY 2014-15, the Chennai-based public sector bank had posted a net profit of Rs 272 crore, Indian Overseas Bank (IOB) said in a filing to the Bombay Stock Exchange (BSE).

 

Net Interest Income fell by 7 per cent at Rs 1,329 crore in Q1 FY 2015-16 from Rs 1,427 crore in the same period a year ago.

Other income jumped 93 per cent at Rs 535 crore in Q1 FY 2015-16 from Rs 278 crore in the same period a year ago.

Total income climbed by 6 per cent at Rs 6,672 crore in Q1 FY 2015-16 from Rs 6,285 crore in the same period a year ago.

Provisions (other than tax) and contingences jumped 122 per cent at Rs 664 crore in Q1 FY 2015-16 from Rs 299 crore in the same period a year ago.

The percentage of Gross Non-Performing Assets (NPA) soared to 9.4 per cent at the end of the June 30, 2015 ended quarter from 5.84 per cent a year ago while the percentage of Net NPAs climbed to 6.31 per cent from 3.85 per cent.

Story first published: Monday, July 27, 2015, 12:40 [IST]
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