Indian Overseas Bank net up 14%

BS 200 SCORECARD

The Chennai-based Indian Overseas Bank (IOB) reported a 13.5 jump in net profit to Rs 161.21 crore in the third quarter ended December 31, 2004 compared with Rs 142.01 crore for the same period the previous year.

The bank's operating profits fell by 2.85 per cent to Rs 327.09 crore for the third quarter from Rs 336.69 crore for the same period the previous year.

Other provisions and contingencies came down to Rs 77.87 crore in the third quarter in 2004-05 from Rs 129.68 crore for the same period last year.

IOB's earned interest increased by 5.80 per cent to Rs 1006.76 crore for the third quarter in 2004-05 compared with Rs 951.49 crore for the corresponding period last year.

Other income reduced by 23.3 per cent to Rs 140.36 crore in third quarter compared with Rs 183.04 crore for the same period last year. The banks net NPA's declined from 2.85 per cent for the year ending March 31, 2003 to 1.57 per cent by December 31, 2004.