Indian Overseas Bank (IOB) has reported a 24 per cent drop in net profit during the second quarter of the current fiscal at Rs 158.43 crore as against Rs 207.46 crore in the same quarter a year ago.
The bank's Chairman and Managing Director, M Narendra, said, "The bank has had to restructure some big accounts which affected the profit".
The restructured accounts amounted to around Rs 168 crore during the quarter, said Narendra.
The bank's total income rose by 14.36 per cent to Rs 5,515.02 crore from Rs 4,822.56 crore.
Provisions were at Rs 552 crore as compared to Rs 636 crore, down by 13 per cent q-o-q and up by six per cent year on year.
Gross NPA as on September 30, 2012 stood at Rs 5,930 crore (3.87 per cent) as against Rs 3,898 crore (3.07 per cent) a year ago.
Total capital funds of the bank stood at Rs 17,137.83 crore as on September 30, 2012 as against Rs 15,144.07 crore.
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