IOB net up 26 % to Rs 388cr in Q3

Chennai-based public sector bank Indian Overseas Bank (IOB) has reported 26 per cent increase in net profit to Rs 388.44 crore for the quarter ended December 31, 2008 as compared to Rs 308.18 crore, a year ago.
 
Bank's operating profit increased by 75.98 per cent during the quarter to Rs 867.73 crore as against Rs 493.09 crore.
 
Total income increased by 39.63 per cent to Rs 3,204.90 crore as against Rs 2,295.34 crore, during the same quarter last year. Total expenditure increased to Rs 2,337.17 crore from Rs 1,802.26 crore, an increase of 29.68 per cent.
 
Gross NPA stood at Rs 1,718 croe and net NPA was at Rs 920 crore with corresponding rations of 2.40 per cent and 1.30 per cent showed marginal decrease during the third quarter of 2008-09.