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This is an archive article published on October 29, 2009

IOB Q2 net dips 51 pct to Rs 176 cr

IOB reported 51 pct decline in its net profit at Rs 176.04 crore for Q2.

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Indian Overseas Bank on Thursday reported 51 per cent decline in its net profit at Rs 176.04 crore for the second quarter ended September 30,2009.

Total income of the state-run lender,however,increased to Rs 2,922.33 crore during the quarter under review from Rs 2,643.26 crore in the corresponding period a year ago,IOB said in a filing to the Bombay Stock Exchange.

The bank’s total deposits grew 20.54 per cent to Rs 1,094.35 crore during the period and the total business increased 17 per cent to Rs 1,87,853 crore.

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The bank’s interest income rose 5.06 per cent to Rs 2,549.95 crore during the September quarter.

The bank’s capital adequacy ratio increased to 14.27 per cent at the end of September 30.

Shares of IOB were trading at Rs 110.80,down 4.61 per cent in afternoon trade on the BSE.

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