IOB reports 21.76% jump in Q4 net

Public sector, Indian Overseas Bank, on Saturday reported a 21.76 per cent jump in its net profit for the fourth quarter ending March 31, 2012 at Rs 528.81 crore, compared to the year ago period.

The total income of the city headquartered bank in the January—March quarter rose to Rs 5,415.09 crore as against Rs 3,916.58 crore during the same period of previous year, Mr M Narendra, CMD, IOB, said.

The net profit for the year ending March 31, 2012 stood at Rs 1,050.13 crore. The total income stood at Rs 19,578.13 crore as against Rs 13,326.56 crore registered during the same period of last year.

For the full year, the total business grew by 24 per cent to Rs 3, 21, 707 crore from Rs 2, 59, 020 crore registered last year, he told reporters here.

“The Board of Directors have recommended a dividend of 45 per cent for the financial year ending March 31, 2012,” Mr Narendra said.