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Indian Overseas Bank has reported a net profit of Rs 528.81 crore for the quarter ended March 31 against Rs 434.30 crore for the corresponding quarter of the previous year — a growth of 22 per cent. The bank has decided to pay a dividend of 45 per cent for the year. Last year, it paid 50 per cent.
Total income for the quarter under consideration stands at Rs 5,415 crore, registering a growth of 38 per cent from Rs 3,916.58 crore in the previous year quarter. Operating profit is at Rs 1,002 crore (Rs 977 crore).
For the year ended March 31, 2012, it posted a net profit of Rs 1,050 crore. Operating profit for the year is at Rs 3,534 crore, against Rs 2,860 crore in the previous year. Gross NPA (non performing assets) has gone up to Rs 3,920 crore against Rs 3,089 crore in the previous year.
During the year, despite an increase in CASA (current account, savings account) by Rs 3,288 crore, the CASA share has come down to 26.42 per cent from 30.20 per cent last year, due to attractive interest rates offered for term deposits, said Mr M. Narendra, Chairman and Managing Director. He said to facilitate NPA management for speedy recovery, 11 specialised asset recovery management branches were opened during the year. Lending to priority sector went up by 31 per cent at Rs 10,179 crore. Similarly, exposure to agriculture and MSME sectors too went up, he said.
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