IOB net up 18% in Q1

IOB net up 18% in Q1Indian Overseas Bank (IOB) has announced that it has recorded a net profit of Rs 301crore for the quarter ended 30 June 2008, up by 18% from Rs 255 crore in the same period last year.  

In fact, the bank’s other income for the June three month period stood at Rs 230 crore compared to Rs 26 crore in the previous year.  

The operating profit for the first quarter ended June 09 has witnessed a jump by 77.71% at Rs 428 crore (Rs 241.19 crore). During the same period, the bank reported a total income of Rs 2,808 crore, up by 28.43% compared to Rs 2,186 crore last year.  

On a year-on-year basis, the total deposits surged by 18.59% to Rs 1,00,806 crore (Rs 85,001 crore) and the total advances were up 21.2% at Rs 76,864 crore (Rs 63,419 crore).