Indian Overseas Bank has received Reserve Bank of India’s (RBI) approval to open a second branch in Bangkok. The public sector lender will open the second branch before March end next year. It is the only Indian lender to have a branch presence in Bangkok. The bank had roped in Deloitte to devise a strategy for its overseas expansion.
The bank has reported a fall of 16.33% in its net profit at Rs 132.55 crore for the quarter ended September 30, 2013 as compared to Rs 158.43 crore for the same quarter in the previous year. Total income of the bank increased by 8.79% at Rs 5999.75 crore for quarter under review as compared to Rs 5515.02 crore for the quarter ended September 30, 2012.
Gross non-performing assets (NPAs) have increased to 4.65% in the July-September quarter as against 3.87% in the same quarter previous year, while net NPAs too increased to 2.83%.