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IOB profit up

Indian Overseas Bank's net profit for the third quarter ended December 31, 2002 has increased to Rs. 116.95 crores from Rs. 45.57 crores. The net profit for the nine months ended December 31, 2002 was higher at Rs. 277.88 crores against Rs. 167.23 crores. This profit has been arrived at after providing VRS related expenditure. The global operating profit for the third quarter was Rs. 236.70 crores against Rs. 131.21 crores. For the nine months ended December 31, 2002, the operating profit was Rs. 596.47 crores against Rs. 322.70 crores. As at December 31, 2002 global deposits grew by over Rs. 12,590 crores over the March 1999 level. Global net advances expanded from Rs. 10,117 crores in 1999 to Rs. 16,960 crores in December 2002. The bank's total business as of December 31, 2002 was Rs. 51,463.66 crores.

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