Indian Overseas Bank (IOB) has reported a 17.90 per cent increase in the net profit for quarter ended June 30, 2009 at Rs 301.78 crore as compared to Rs 255.97 crore, during the same quarter a year ago. Bank's total income rose to Rs 2,808.51 crore from Rs 2,186.83 crore, an increase of 28.43 per cent.
During the quarter bank's interest income rose to Rs 2,577.85 crore from 2,160.54 crore, an increase of 19.32 per cent.
Capital Adequacy Ratio (CAR) as on June 30, 2009 rose to 13.24 per cent, under Basel II from 11.25 per cent and Base I rose to 13.5 per cent from 11.41 per cent.
Gross NPA increased to Rs 2,337 crore and Net NPA rose to Rs 1,202 crore as on June 30, 2009. The increase in NPA was due to the distressed assets amounting to Rs 310.74 crore taken over by the bank from Shree Suvarna Sahakari Bank, Pune, which was under moratorium.
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