IOB Q4 net up 5% at Rs 322 cr, declares dividend

Indian Overseas Bank today reported a 5.37 per cent growth in net profit at Rs 322.37 crore for the fourth quarter ended March 31, 2009.     

The state-run lender had a net profit of Rs 305.95 crore in the March quarter of FY'08, IOB said in a filing to the Bombay Stock Exchange.     

The total income rose 27 per cent to Rs 3,134.20 crore during the March quarter, from Rs 2,467.95 crore in the corresponding period a year-ago.     

The board has declared a dividend of 45 per cent at the rate of Rs 4.50 a share, on shares of face value of Rs 10, for the financial year ended March 2009.     

During the quarter, the bank's interest income grew 22 per cent to Rs 2,511.50 crore and the interest expended was at Rs 1,807.40 crore, up 26 per cent over the same period last year.     

The bank's total business at the end of March 31, 2009 stood at Rs 1,75,925.43 crore, a 21 per cent growth over the previous fiscal.     

For the financial year ended March 2009, IOB posted a net profit of Rs 1,325.79 crore, a 10.27 per cent growth over the year-ago period. The bank had a net profit of Rs 1,202.34 crore in FY'08.     

The total income rose 28 per cent to Rs 11,168.73 crore at the end of March 31, 2009. Shares of IOB closed at Rs 68.70, up 6.84 per cent on the BSE.