IOB net up 21% at Rs 142 crore

Indian Overseas Bank (IOB) has registered a 21 per cent growth in net profit at Rs 142.01 crore for the third quarter in 2003-04 compared with Rs 116.95 crore in the corresponding period last year.

S C Gupta, chairman and managing director, IOB, pointed out that the bank, with its accelerated recovery effort and increased provisions expects to have zero NPAs in next four years. Net NPAs to net advances has declined from 5.23 per cent in 31 March 2003 to 3.83 per cent in 31 December 2003.

Gross NPAs has declined from 10.29 per cent to 8.26 for nine months ending 31 December 2003. IOB's operating profits increased to Rs 959.30 crore for the nine months ending 31 December 2003 compared with Rs 794.13 crore on 31 March 2003.

Net profit grew 57 per cent to Rs 435.42 crore (Rs 416.10 crore). The non food credit of the bank increased to Rs 2,200 crore for nine months ending 31 December 2003 while there was decline in the food credit by Rs 450 crore the net credit increase was Rs 1,850 crore. The CAR was 13.21 per cent as on 31 December 2003.