Indian Overseas Bank tumbled 6.86% to Rs 62.50 at 15:26 IST on BSE after net profit declined 88.86% to Rs 58.87 crore on 8.92% growth in total income to Rs 5898.15 crore in Q4 March 2013 over Q4 March 2012.
The bank announced Q4 results during trading hours today, 29 April 2013.
Meanwhile, the S&P BSE Sensex was up 97.97 points or 0.51% at 19,384.69.
On BSE, 8.02 lakh shares were traded in the counter as against average daily volume of 1.99 lakh shares in the past two weeks.
The stock hit a low of Rs 62.30 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 68.50 so far during the day.
Indian Overseas Bank's (IOB) net profit declined 45.98% to Rs 567.23 crore on 15.68% growth in total income to Rs 22649.63 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
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IOB's provisions and contingencies jumped 206.13% to Rs 1186.56 crore in Q4 March 2013 over Q4 March 2012. The bank's provision coverage ratio stood at 58.89% as on 31 March 2013.
The state-run bank's ratio of gross non-performing assets (NPA) to gross advances improved to 4.02% as on 31 March 2013, from 4.13% as on 31 December 2012, but jumped from 2.74% as on 31 March 2012. The ratio of net NPAs to net advances stood at 2.5% as of 31 March 2013, higher than 2.33% as on 31 December 2012 and 1.35% as of 31 March 2012. Capital Adequacy Ratio (CAR) as per Basel II norms stood at 11.85% as on 31 March 2013, higher than 11.65% as on 31 December 2012, but lower than 13.32% as on 31 March 2012.
The Government of India (GoI) holds 73.8% stake in IOB (as per the shareholding pattern as on 31 March 2013).
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