Indian Overseas Bank (IOB) is looking for a loan growth of about 18% in the current fiscal. On the other hand, for the current fiscal the Reserve Bank of India (RBI) has projected 16% growth for the banking sector.
The bank has reported 7.60% rise in its net profit at Rs 116.50 crore for third quarter ended December 31, 2012 as compared to Rs 108.27 crore for the same quarter in the previous year. Total income of the bank has increased by 16.58% at Rs 5846.98 crore for quarter under review as compared to Rs 5015.33 crore for the quarter ended December 31, 2011.
The bank’s gross NPA for the December 31, 2012 quarter of the current fiscal stood at 4.13%, lower as compared to 3.00% in the same quarter of the previous year. Besides, bank’s Net NPA remained lower at 2.33% in the quarter under review as against 1.23% in Q3FY12.