IOB Q1 net up 14% to Rs 233 crore

Indian Overseas Bank (IOB) reported 13.5 percent increase in net profit at Rs 233.43 crore for the first quarter ended 30 June, 2012.

The public sector bank’s net profit was Rs 205.58 crore during the same period last fiscal. The total income for the reporting quarter rose to Rs 5,402.84 crore from Rs 4,331.77 crore registered during the same period of 2011.

The total business during April-June, 2012 grew by 23.28 percent to Rs 3,33,248 crore from Rs 2,70,320 crore as on June 30, 2011. IOB’s total deposits grew to Rs 1,84,882 crore from Rs 1,51,173 crore registered during the same period of last year.

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The net interest income increased to Rs 1,328.28 crore for the first quarter ending 30 June, 2012, up by 11.84 percent from Rs 1,187.63 crore during the same period last year. Earnings per share for the quarter ending June 30, 2012 stood at Rs 11.72.

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The Gross NPA for the period stood at Rs 4,409.70 crore (2.97 percent) as against Rs 3,291.64 crore in the year-ago period.

The net NPA as on June 30, 2012 stood at Rs 2,152.09 crore (1.48 percent) as against Rs 1,258.16 crore (1.08 percent) registered during the same period of last year.

Shares of IOB closed at Rs 72.40 apiece, up 3.43 percent over the previous close on the BSE.

PTI