MUMBAI:
Strong growth in interest and treasury incomes and a drop in operating costs have helped Indian Overseas Bank post a 25.1 per cent rise in net profit to Rs. 246.78 crore in the third quarter ended December 31, 2006, against Rs. 197.21 crore in the year-ago period.
Total income has increased to Rs. 1,671.69 crore from Rs. 1,303.31 crore. "Higher operating and net profit is backed by a 45 per cent growth in interest income from core operations," said T. S. Narayanasami, Chairman and Managing Director of the bank.
Net interest income rose to Rs. 605.12 crore from Rs. 525.64 crore. Non-interest income (other than treasury gains) was up 27 per cent at Rs. 157.42 crore in the quarter under review. Deposits were up 19.8 per cent at Rs. 59,200 crore and gross credit by 38.9 per cent at Rs. 44,089 crore.
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