Indian Overseas Bank reports 24% fall in Q2 net profit

Indian Overseas Bank (IOB) has reported results for second quarter ended September 30, 2012.

The bank has reported a fall of 23.63% in its net profit at Rs 158.43 crore for the quarter as compared to Rs 207.46 crore for the same quarter in the previous year. However, total income of the bank has increased by 14.36% to Rs 5515.04 crore for quarter under review as compared to Rs 4822.56 crore for the quarter ended September 30, 2011.

Gross non-performing assets (NPAs) of the bank has increased to 3.87% for the quarter as against 3.07% in the previous quarter. Net non-performing assets (NPAs) of the bank were at 2.25%, higher than 1.21% in the previous quarter.