Indian Overseas Bank has reported a lower net profit of Rs. 200.44 crore in the first quarter ended June 30, 2010 against Rs. 301.78 crore in the year-ago period due to higher provisions and contingencies amounting to Rs. 263.46 crore (Rs. 126.84 crore). The bank also reported a higher loss from treasury operations at Rs. 32.20 crore against a loss of Rs. 6.31 crore. The bank has also absorbed a sum of Rs. 82.17 crore during the period under reference being part of the deficit following the takeover of specific assets and liabilities of Shree Suvarna Sahakari Bank of Pune.
Total income stood at Rs. 2,882.38 crore against Rs. 2,808.51 crore. Total business was up 8.30 per cent at Rs. 192,412 crore against Rs. 177,670 crore, with deposits accounting for Rs. 109,461 crore (Rs. 100,806 crore) and advances Rs. 82,951 crore (Rs. 76,864 crore).