Indian Overseas Bank (IOB) has reported a 21% growth in net profit to Rs 268.49 crore for the first quarter ended June 30, as against Rs 222.04 crore during the same quarter last fiscal. Total income jumped 58.10% from Rs 1,206.67 crore to Rs 1907.79 crore.
Total business as on June 30 stood at Rs 1,18,814 crore as against Rs 91,116 crore, a growth of 30.40%. The net interest income increased by 23.1% from Rs 575 crore to Rs 709 crore while the net interest income reported a gain of Rs 61.58 crore to Rs 95 crore as against a loss of Rs 34.21 crore during the same quarter last fiscal.
The net NPA to net advances ratio has increased marginally from 0.48% to 0.50% during the quarter but below the March 31, 2007 level of 0.55%. In rupee terms, the net NPA increased to Rs 236.40 crore from Rs 176.79 crore during the same quarter last fiscal. The capital adequacy ratio has remained more or less the same level at 13.31% in June 2007 (13.37% in June 2006).
IOB chairman SA Bhat said the bank would be opening a representative office in Vietnam soon. Also its plan to open branch in China is well under way.