IOB Q3 Net soars 2 fold to Rs 232 cr

MUMBAI: State-run Indian Overseas bank today reported a over two-fold growth in net profit at Rs 231.66 crore for the third quarter ended December 31, 2010.

The bank had a net profit of Rs 101.70 crore in the October-December period of previous fiscal, IOB said in a filing to the Bombay Stock Exchange .

Total income of the bank rose to Rs 3,452.86 crore in the third quarter, from Rs 2,828.65 crore in the same period last fiscal.

Total business of the bank grew to Rs 2,25,191 crore at the end of December 2010, from Rs 1,85,656 crore in the year ago period.

Interest income during the third quarter of current fiscal increased by 21 per cent to Rs 3,101 crore, from Rs 2,570 crore in the corresponding period last year.

For the nine months ended December 31, the net profit of IOB rose 10.13 per cent to Rs 638.25 crore.

Shares of IOB closed down 0.35 per cent at Rs 127.05 on the BSE .

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