Public sector lender Indian Overseas Bank (IOB) today reported over three-fold increase in its net profit at Rs 434.2 crore for the fourth quarter ended March 2011, compared to Rs 127.4 crore in the year-ago period.
Total income rose to Rs 3,916.5 crore during the January-March period of FY'11 from Rs 2,829.8 crore of the corresponding period a year earlier, IOB said in a filing to the Bombay Stock Exchange.
During the period under review, the net interest income increased by 48.1% to Rs 1,215.2 crore compared to Rs 820.41 crore in the same period a year ago.
The board of the bank has recommended a dividend of 50% or Rs 5 per share for the year 2010-11, it said.
For the full financial year ended March 31, 2011, the Chennai-based bank posted a net profit of Rs 1,072.5 crore, up by 51.7% compared to Rs 706.9 crore in the previous fiscal.
The bank's total income during 2010-11 rose by 17.1% to Rs 13,326.5 crore from Rs 11,389 crore of last fiscal.
The net interest income for the full financial year rose by 32.8% to Rs 4,208 crore compared to Rs 3167.8 crore in the previous fiscal.
Total business of the bank recorded a rise of 35.2% at Rs 2,59,020 crore at the end of March 2011 compared to Rs 1,91,577 crore at the close of FY'10.
At the same time net interest margin improved to 3.11% compared to 2.74% at the end of 2009-10.
The scrip of the bank settled at Rs 164.20 on the Bombay Stock Exchange, up 7.57% from its previous close.
