Indian Overseas Bank declares its fourth quarter results

Indian Overseas Bank
Indian Overseas Bank Ltd. has posted its fourth quarter results ending March 2011 on May 2, 2011. The company has recorded increase in net profit by 240.78 per cent to Rs. 43,429.51 lakh in the quarter ended March 2011 from Rs. 12,744.33 lakh in the quarter ended March 2010.

The increase in profit was driven by the rise in total income and the fall in operating expenses, which has offset the increase in total expenditure by 23.81 per cent. The company recorded registered an increase in total income by 38.40 per cent to Rs. 391,658.43 lakh in the March 2011 quarter from Rs. 282,980.06 lakh in the corresponding quarter last year.

Moreover, the operating expenses declined by 3.71 per cent at Rs. 62,280.23 lakh from Rs. 64,679.85 lakh in the quarter ended March 2010. The total expenditure of the company stood at Rs. 293,963.67 lakh in the quarter ended March 2011 from Rs. 237,422.16 lakh in the corresponding quarter last year.

Further, the tax paid by the company was Rs. 9,663.09 lakh in the quarter ended March 2011 from Rs. (13,168.51) lakh. The paid up equity share capital of the company stood at Rs. 61,874.93 lakh from Rs. 54,480.00 lakh in the corresponding quarter last year. The interest for the quarter ended March 2011 amounted to Rs.665 lakh from Rs. 481 lakh in the quarter ended March 2010.

During the quarter, the total business of the bank registered a growth of 15.02 per cent to Rs. 25,902,000 lakh from Rs. 22,519,100 lakh in December 2010. The deposits also increased by 16.12 per cent to Rs. 14,522,900 lakh in the March 2011 quarter from Rs. 12,506,200 lakh in December 2010.

Moreover, the advances also increased to Rs. 1, 1379,100 lakh as on March 2011 from Rs. 10,012,900 lakh in December 2010, up by 13.64 per cent. The gross NPA stood at Rs. 308959 lakh as on March 2011 from Rs. 361108 lakh as on March 2010. While the business per employee increased to Rs. 1005 lakh from Rs. 712 lakh as on March 2010.

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