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IOB recommends 32 %

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S. A. Bhat
S. A. Bhat

Corporate Reporter

CHENNAI: Indian Overseas Bank has announced a dividend of 32 per cent for the year ended March 31, 2008. According to S. A. Bhat, Chairman and Managing Director, the net profit has risen by 19.2 per cent to Rs. 1,202.34 crore from Rs. 1,008.43 crore in the previous year. The total income has registered a growth of 41.1 per cent to Rs. 8,775.87 crore from Rs. 6,219.12 crore with interest income from advances rising by 41.5 per cent to Rs. 5,521.17 crore from Rs. 3,901 crore in the previous year.

Total deposits rose by 22.7 per cent to Rs. 84,325.58 crore from Rs. 68,740 crore while gross advances increased by 27 per cent to Rs. 61,057.59 crore from Rs. 47,992.66 crore.

The operating profit recorded a rise of 28.3 per cent to Rs. 2,001.78 crore from Rs. 1,560.04 crore. The total business of the bank grew by 24.6 per cent to Rs. 145,383.17 crore from Rs. 116,663.07 crore.


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