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IOB’s Q3 net up

CHENNAI: Indian Overseas Bank (IOB) has reported a net profit of Rs. 308.18 crore for the quarter ended December 31, 2007, up from Rs. 246.78 crore in the corresponding period in the previous year. For the nine months ended December 2007, the net profit is placed at Rs. 896.38 crore (Rs. 718.67 crore).

The business of the bank has grown by 29 per cent for the nine months to Rs. 133,412.74 crore (Rs. 103,288.67 crore). Deposits have risen to Rs. 78,791 crore (Rs. 59,199.70 crore).

S. S. Bhat, Chairman and Managing Director, said the bank had ‘shaved off’ most of the high cost deposits. Advances have improved to Rs. 54,621.46 crore for the nine-month period (Rs. 44,088.96 crore).

Addressing presspersons here on Wednesday he said the growth in retail lending had been flat at 19 per cent owing to a combination of factors ranging from high interest rates to lack of aggression in selling retail products.

Total income has grown to Rs. 6,307.91 crore (Rs. 4,283.28 crore). Interest income has risen to Rs. 5,852.40 crore (Rs. 4,086.70 crore) and non-interest income to Rs. 455.51 crore (Rs. 196.58 crore).

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