IOB earns revenue of Rs 1,33,412.74 Cr, registers 29.16% growth

Chennai, Jan 30 (UNI) The leading nationalised Indian Overseas Bank (IOB) today reported a business revenue of Rs 1,33,412.74 crore registering a growth of 29.16 per cent for the nine months period ended December 21 2007.

Talking to newspersons here, IOB Chairman and Managing Director S A Bhat said total deposits grew from Rs 59,199.70 crore as on December 31, 2006 to Rs 78,791.28 crore as on December 31, 2007 registering a growth of 33.09 per cent.

He said advances increased from Rs 44,088.96 crore as on December 31, 2006 to Rs 54,621.46 crore as on December 31, 2007 achieving a growth of 23.89 per cent.

Net profit for the nine months period ended December 2007 increased by 24.73 per cent to Rs 896.38 crore from Rs 718.67 crore for the corresponding period of the last year, he added.

Mt Bhat said the total income recorded a year on year growth of 47.27 per cent during the nine month period ended December 2007 when compared to corresponding period ended December 2006 and grew from Rs 4283.28 crore to Rs 6307.91 crore.

He said the interest income recorded a year on year growth of 43.21 per cent from 40,86.70 crore for the nine months period ended December 2006 to Rs 58,52.40 crore for the corresponding period ended December 2007.

Mr Bhat also disclosed that key financial ratios including capital adequacy ratio at December 31, 2007 was 12.85 per cent, Return on Average Assets was 1.32 per cent as at December 2007, earnings per share improved from Rs 17.59 as at December 2006 to Rs 21.94 as at December 2007.

"Thought the net interest margin was lower at 3.30 per cent for the nine months period ended December 2007 as against 3.91 per cent for the corresponding period in the previous year, the operating profits have recorded good growth", he claimed.

He said the bank was planning to open another 300 new ATM centres across the country by the end of this fiscal.

UNI SNR VV1656