IOB plans to open 400 new branches during 2014-15
Picture used for representational purpose. (Photo: PTI/File)
Chennai: Indian Overseas Bank has more than doubled its net profit for the quarter ended June 30, 2014, at Rs 271.72 crore. Total income for the period was also up at Rs 6,284.69 crore.
Gross NPA at the end of the quarter was higher at 5.84 per cent at Rs 10,350 crore. Net NPA was also up at 3.85 per cent at Rs 6,643.62 crore compared to corresponding quarter of 2013-14. CASA (current account savings account) ratio for the quarter stood at 24.5 per cent.
Announcing the results at a press conference here, M Narendra, CMD of IOB, said slippage during the quarter increased steeply to Rs 2,649 crore (Rs 1800 crore) due Rs 380-crore slippage reported by its Singapore branch.
With the Singapore regulatory authority downgraded certain accounts on the basis of inherent weaknesses of their parent companies back in India, there has been a slippage of a few accounts in the region, he said. IOB plans to open 400 new branches during 2014-15, totalling its number of branches to over 3,700 by the end of the year.
( Source : deccan chronicle )
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