State-controlled lender Indian Overseas Bank on Tuesday reported a four-fold growth in its net profit for fourth quarter ended March 2014 at Rs 268.33 crore, helped by rise in net interest income.
The bank had posted the net profit of Rs 58.87 crore in corresponding quarter of previous fiscal, said Indian Overseas Bank in a filing to BSE. Total income of the bank rose by 9.79 per cent to Rs 6,475.93 crore in Q4 FY14 from Rs 5,898.15 crore in Q4 FY13.
During the quarter under review, the bank's gross non-performing assets increased to 4.98 per cent of total loans compared to 4.02 per cent in corresponding quarter of last fiscal. Net NPAs too rise to 3.20 percent to 2.50 per cent on quarter-on-quarter basis.
The Board of Directors of the bank have recommended a final dividend (subject to approval of Government of India) of Rs 0.50 paise per equity share of Rs 10 each (i.e. 5%) for the financial year 2013-2014 for the approval of the shareholders at the Annual General Meeting of the Bank. The final dividend if approved by the shareholders will be paid on or after July 16, 2014.
Ahead of earnings, shares of bank closed at Rs 55.05 a piece, down 0.18 per cent from previous close on BSE.