IOB Q2 net up 25.87 per cent at Rs 249.85 cr

Mumbai, Oct 30: The public sector Indian Overseas Bank has posted a net profit of Rs 249.85 crore for the quarter ended September 30, 2006 as compared to Rs 198.49 crore for the quarter ended September 30, 2005.

Announcing the results, bank chairman and managing director T S Narayanswami told newspersons here that its total income has increased from Rs 1250.32 crore for the quarter ended September 30, 2005 to Rs 1524.13 crore for the quarter ended September 30, 2006.

Mr Narayanswami said the total business of the bank, which was at Rs 76,722 crore as of September 2005, rose sharply by 27.94 per cent to Rs 98,159 crore as on September 30, 2006.

During the quarter under review, aggregate deposits rose by 20.31 per cent to reach Rs 57,018 crore while gross credit rose by 40.28 per cent to reach Rs 41,141 crore when compared to same period last year.

Bank's precious metals operations, including sale of retail gold launched early this year, registered remarkable growth from Rs 0.16 crore last year to Rs 2.32 crore during Q2 this fiscal, while forex treasury income of the bank registered a growth of 15.23 per cent during the quarter.

UNI