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Provisioning for bad debt pushes IOB net down 88%

The net profit of Indian Overseas Bank plummeted by 88 per cent to Rs 59 crore for the quarter ended March 31, 2013, against Rs 529 crore in the corresponding quarter last year.

The decline was an outcome of provisioning for bad and doubtful debts and restructured accounts, said Chairman and Managing Director M. Narendra.
Total income was Rs 5,898 crore — a 8.92 per cent increase over the same quarter last year.
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