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IOB net up 30 pc

Written by: Staff

Mumbai, Apr 27 (UNI) Indian Overseas Bank (IOB) has posted an increase of 30 per cent in net profit at Rs 204.44 crore for the quarter ended March 31, 2006 (Q4 FY 05-06) as compared to Rs 157.21 crore for the quarter ended March 31, 2005 (Q4 FY 04-05).

The Bank Board, which approved the results, would again meet on April 30 to raise capital aggregating Rs 1200 crore for the financial year 2006-07 on a private placement basis.

In the proposed meeting, the Board would discuss issues for designing various capital raising products under the perpetual hybrid tier one capital and tier-II subordinated debt to ramp up its fund raising programme in order to improve its capital adequacy ratio and also to meet the future business needs.

Total Income has increased from Rs 1165.20 crore in Q4 FY 04-05 to Rs 1374 crore for Q4 FY 05-06.

The Bank has posted a net profit of Rs 783.34 crore for the year ended March 31, 2006 (FY 05-06) as compared to Rs 651.35 crore for the year ended March 31, 2005 (FY 04-05). Total Income has increased from Rs 4750 crore in FY 04-05 to Rs 5134.48 crore for FY 05-06.

The Board has proposed a dividend of 26 per cent -- Re 2.60 per equity share of Rs 10 each for the financial year 2005-06.

Bank's net interest margin was up by over 4 per cent as the cost of deposits declined to 4.69 per cent from 4.72 per cent. The operating profit was up by 12.7 per cent.


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