IOB net up 26 per cent
By Our Banking Bureau | 02 Aug 2004
Chennai:
INDIAN Overseas Bank (IOB) has registered a net profit
of Rs174.60crore, an increase of 26 per cent growth for
the first quarter.
Treasury gains were up by Rs80 crore in this quarter, from Rs165 crore to Rs233 crore. Operating profit was also higher by an identical amount at Rs353.33 crore.
The bank was able to bring down its cost of deposits to 5.03 per cent as of June 2004 from 5.57 per cent at the end of March 2004.
This was mainly due to an increase in the proportion of low-cost demand deposits, which stood at 34 per cent of total deposits at the end of June 2004.