Indian Overseas Bank increased its total income by 14.4 per cent to Rs. 5,515.02 crore in the second quarter ended September 30, 2012, from Rs.4,822.56 crore in the corresponding quarter of the previous year.
The net profit was sharply lower at Rs.158.43 crore against Rs.207.46 crore in the second quarter of the previous year. Interest reversal on restructured and slippage accounts and additional provisions due to the reversal had resulted in a lower profit, the bank said in a statement.
The net profit for the half-year ended September 30, 2012, was lower at Rs.391.86 crore against Rs.413.04 crore in the year-ago period.
Total business went up by 17.80 per cent to Rs.3,42,508 crore on September 30, 2012, from Rs.2,90,744 crore as on September 30, 2011. Deposits registered a growth of 15.61 per cent at Rs.1,89,115 crore against Rs.1,63.597 crore. Gross advances were up 20.62 per cent at Rs.1,53,393 crore against Rs.1,27.166 crore.
Gross NPAs (non-performing assets) rose sharply to Rs.5,930 crore from Rs.3,898 crore due to few major accounts which turned into NPAs. The industry and services sectors contributed significantly to the NPAs.
The net NPA ratio was 2.25 per cent against 1.21 per cent. The credit deposit ratio (CD) increased to 81.11 per cent as on September 30, 2012, from 77.74 per cent as on September 30, 2011.
