Indian Overseas Bank’s net tumbles 53% in Q3

30 Jan 2012 Evaluate

Indian Overseas Bank (IOB) has reported results for its third quarter ended December 31, 2011.

The bank has reported a fall of 53.26% in its net profit of Rs 108.27 crore for the quarter ended December 31, 2011 as compared to Rs 231.66 crore for the same quarter in the previous year. Total income has increased by 45.25% from Rs 3452.86 crore for Q3FY11 to Rs 5015.33 crore in the quarter under review.

The banks’ gross NPA stood at 3% for the quarter ended December 31, 2011 as compared to 3.26% in the quarter ended December 31, 2010. Its net NPA also rose at 1.23% in Q3FY12 as compared to 1.51% in Q3FY11. Further, the bank’s Return on Assets (ROA) has declined to 0.21% for the quarter from 0.60% in the similar quarter of the last year.

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