Indian Overseas Bank Q1 Net zooms over 2-fold to Rs 271.72 cr

Public sector Indian Overseas Bank has reported over two-fold jump in net profit for the first quarter ended June 30, 2014 at Rs 271.72 crore.
The city-based bank had reported net profits of Rs 125.79 crore in the corresponding period of the previous year.
Total income for the first quarter ended June 30, 2014, grew to Rs 6,284.69 crore from Rs 6,187.15 crore registered during the same period of the previous year.
Gross NPA of the bank as on June 30, 2014 stood at 5.84 per cent, as against 4.45 per cent registered during the same period of the previous year.

Net NPA stood at 3.85 per cent in the reported quarter as against 2.81 per cent registered during the same period of the previous year.
Total business for the April-June 2014 quarter grew to Rs 3,99,188 crore, up by 9.94 per cent, from Rs 3,63,087 crore registered during the same period of the previous year.

The bank said total deposits for the quarter grew to Rs 2,21,879 crore from Rs 1,96,213 crore in the year-ago period.
Gross advances increased to Rs 1,77,309 crore, as on June 30, 2014 from Rs 1,66,874 crore, registered during the same period of the previous year.

CASA Ratio stood at 24.50 per cent as on June 30, 2014 as against 25.61 per cent as on June 30, 2013, the bank said.