Indian Overseas Bank (IOB) has reported a 22 per cent increase in total income for the quarter ended December 2010 at Rs.3,452.86 crore, up from Rs.2,828.66 crore in the same quarter in the previous year. The bank has registered improvement in all segments of its operations, namely, treasury, corporate banking, retail banking and other banking operations.
Interest income was up 21 per cent at Rs.3,101.64 crore (Rs. 2,570.13 crore). Non-interest income stood at Rs.351.22 crore (Rs.258.52 crore).
The operating profit was Rs.804.12 crore (406.09 crore). The net profit has more than doubled to Rs.231.66 crore from Rs.101.70 crore.
Net interest margin has improved to 3.27 per cent during the quarter under review, up from 2.69 per cent in the year-ago period.
Total business
Total business of the bank grew by 21.3 per cent to Rs.2,25,191 crore as on December 31, 2010, from Rs.1,85,656 crore as on December 31, 2009. Deposits registered a rise of 18 per cent at Rs.1,25,062 crore against Rs.1,06,249 crore while advances were up by 26.10 per cent at Rs.1,00,129 crore against Rs.79,407 crore.
The gross NPA (non-performing assets) at the end of December 2010 was Rs. 3,264.50 crore, up from Rs. 3,218.27 crore in the same quarter in the previous year.
