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Marginal increase in IOB’s net profit

CHENNAI: Indian Overseas Bank has registered a net profit of Rs. 1,325.79 crore for the year ended March 31, 2009, against Rs. 1,202.34 crore in 2007-08.

The board of directors at the meeting held on May 4 has considered and recommended a dividend of Rs. 4.50 per share of Rs. 10 each. The total dividend paid in 2007-08 was Rs. 3.50 per share.

Total business rose to Rs. 175,925.43 crore from Rs. 145,383.17 crore, a growth of 21 per cent. Deposits have risen to Rs. 100,115.89 crore from Rs. 84,325.58 crore, a growth of 18.7 per cent.

The credit deposit ratio has risen to 75.7 per cent from 72.4 per cent. The cost-to-income ratio was 43.5 per cent against 42.6 per cent in 2007-08.

Total income has increased to Rs. 11,237.23 crore from Rs. 8,775.87 crore. Interest income was higher at Rs. 9,641.40 crore against Rs. 7,738.77 crore, an increase of 25 per cent.

Non-interest income rose by 54 per cent to Rs. 1,595.83 crore from Rs. 1,037.10 crore. The net interest margin was 2.84 per cent against 3 per cent.

Gross non-performing assets as on March 31, 2009, were Rs. 1,923.41 crore against Rs. 996.95 crore and net NPAs at Rs. 999.14 crore against Rs. 363.20 crore.

The bank has migrated to the revised new capital adequacy framework (BASEL II) from March 31, 2008, in line with Reserve Bank of India guidelines.

The CRAR (capital to risk (weighted) assets ratio) as per BASEL II framework was 13.20 per cent (Tier-I 7.88 per cent and Tier-II 5.32 per cent) and CRAR as per BASEL I was 12.70 per cent (Tier-I 7.58 per cent and Tier-II 5.12 per cent).

The bank raised Tier-II capital to the tune of Rs. 955.30 crore. It revalued its properties and added Rs. 1,114.19 crore to revaluation reserve. The amount reckoned by such revaluation for capital fund purpose is Rs. 501.39 crore.

Business per employee increased to Rs. 6.89 crore as on March 31,2009, from Rs. 5.83 crore in the previous year.

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