Indian Overseas Bank raises Q1 profit by 116%
1 Aug 2014 5:19 AM IST
Indian Overseas Bank on Wednesday reported a robust net profit of 115.99 per cent at Rs 271.72 crore in Q1 FY15, as against Rs 125.80 crore for the same quarter last year. Net interest income was Rs 1426.88 crore for Q1 this year as against Rs 1316.22 crore last year, while NIM stood at 2.24 during this quarter.
The bank’s chairman and managing director M Narendra said that gross NPA stood at Rs 10,350.83 crore for Q1 this fiscal against Rs 7,431.69 crore in same period last year while net NPA was Rs 6643.62 crore and provisions coverage ratio stood at 52.85 per cent with Rs 525 crores this year.
Narendra added SMEs, rural advances were stressed and got higher but were below the Rs 50 lakh mark, though the above Rs 50 lakh NPAs were in accounts abroad, besides sectors like iron and steel, infrastructure being the major ones in the country.
The bank’s chairman and managing director M Narendra said that gross NPA stood at Rs 10,350.83 crore for Q1 this fiscal against Rs 7,431.69 crore in same period last year while net NPA was Rs 6643.62 crore and provisions coverage ratio stood at 52.85 per cent with Rs 525 crores this year.
Narendra added SMEs, rural advances were stressed and got higher but were below the Rs 50 lakh mark, though the above Rs 50 lakh NPAs were in accounts abroad, besides sectors like iron and steel, infrastructure being the major ones in the country.
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