Indian Overseas Bank jumped 11.99% to Rs 61.65 at 10:36 IST on BSE after net profit surged 355.8% to Rs 268.33 crore on 9.79% growth in total income to Rs 6475.93 crore in Q4 March 2014 over Q4 March 2013.
The Q4 result was announced after market hours on Tuesday, 29 April 2014.
Meanwhile, the S&P BSE Sensex was up 181.41 points or 0.81% at 22,647.60.
On BSE, so far 15.34 lakh shares were traded in the counter as against average daily volume of 1.62 lakh shares in the past two weeks.
The stock hit a high of Rs 61.70 and a low of Rs 55.80 so far during the day.
Indian Overseas Bank (IOB)'s net interest income (NII) declined 11.64% to Rs 1144.99 crore in Q4 March 2014 over Q4 March 2013. Net interest margin (NIM) for Q4 March 2014 stood at 2.22% as against 2.3% during Q4 March 2013.
IOB's ratio of gross non-performing assets (NPAs) to gross advances declined to 4.98% as on 31 March 2014, from 5.27% as on 31 December 2013 but increased from 4.02% as on 31 March 2013. The ratio of net NPAs to net advances declined to 3.2% as on 31 March 2014, from 3.24% as on 31 December 2013 but increased from 2.5% as on 31 March 2013.
The bank's provisions and contingencies rose 1.49% to Rs 1204.26 crore in Q4 March 2014 over Q4 March 2013.
IOB's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 10.78% as on 31 March 2014 as against 10.99% as on 31 December 2013.
Current and Savings Account (CASA) ratio on global basis as on 31 March 2014 stood at 25.34% as against 26.51% as on 31 March 2013.
IOB's net profit rose 6.08% to Rs 601.74 crore on 9.72% growth in total income to Rs 24853.07 crore in the year ended March 2014 (FY 2014) over the year ended March 2013 (FY 2013).
The bank's NII rose 6% to Rs 5576.81 crore in FY 2014 over FY 2013. NIM stood at 2.28% for FY 2014 compared to 2.43% for FY 2013.
The Government of India (GoI) holds 73.8% stake in IOB (as per the shareholding pattern as on 31 March 2014).
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