IOB net tumbles

Chennai, July 25 (IANS) City based Indian Overseas Bank (IOB) closed the April-June first quarter of the current fiscal with a lower net profit.

In a regulatory filing in BSE on Saturday, the bank said it has posted a net profit of Rs.14.7 crore for the quarter ended June 30, 2015 down from Rs.271.7 crore posted during corresponding period of the previous fiscal.

The total income has increased from Rs.6,284.69 crore for the quarter ended June 30, 2014 to Rs.6,672.11 crore for the quarter ended June 30, 2015.

During the period under review, IOB added a whopping Rs.1,528.75 crore as gross non-performing assets (GNPA). The GNPA at the end of first quarter stood at Rs.16,451.20 crore as against Rs.14,922.45 crore at the end of March 31, 2015.

The Net NPA as on June 30, 2015 stood at Rs.10,640.43 crore as against Rs.9,813.33 crore as on March 31, 2015.

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