IOB June qtr net dips to Rs 200.44 crore

IOBIndia's leading bank, Indian Overseas Bank has informed that there has been a decline in its net profit in the first quarter of the financial year. It has declared its financial results for April-June quarter of the fiscal year 2010-11.

The company has informed that, in this reviewed quarter it has suffered a drop in it net figure. The net profit of the firm was reported to be Rs 200.44 crore for the first quarter of the current year.

Last year, the net profit was of Rs 301.78 crore for the same period of time. The annual net profit of the bank was stood at Rs 706.96 crore at the year that ended on 31st of March 2010. Indian Overseas Bank has produced this fact to the Bombay Stock Exchange in a filing.

However, the total income of the bank has increased marginally in the reviewed quarter.

IOB's total income was Rs 2,882.38 crore for Q1this year against Rs 2,808.51 crore for its corresponding quarter in the previous financial year of 2009-10.