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IOB’s business grows 17.8%

IOB’s business grows 17.8%
Indian Overseas Bank (IOB) announced increased y-o-y growth in total business by 17.80 per cent from Rs 2,90,744 crore to Rs 3,42,508 crore for the half year ended September 30, 2012. Total deposits grew by 15.61 per cent from Rs 1,63,579 crore from September 30, 2011 to Rs 1,89,115 crore as on September 30, 2012.

Total income for Q2 2012-13 witnessed increase to Rs 5,515.02 crore from Rs 4,822.56 crore for the corresponding quarter of 2011-12, while the credit deposit ratio increased to 81.11 per cent as on September 30, 2012, from 77.74 per cent as on Sept 30, 2011.

The first half operating profit for 2012-13 showed a marginal decline at Rs 1,653.81 crore against Rs 1,709.43 crore for the corresponding period of 2011-. 12. The operating profit for Q2 2012-13 stood at Rs 807.03 crore against Rs 906.83 crore for 2011-12.

The net profit for H1 2012-13 was Rs 391.86 crore against Rs 413.04 crore for the corresponding period of 2011-12. The Q2 net profit was Rs 158.42 crore against Rs 207.46 crore for same quarter of 2011-12.

IOB chairman and managing director (CMD) M Narendra said that the reduction in operating profit and net profit is due to interest reversal on restructured accounts/ slippage accounts and additional provisions requirements. The bank has shifted focus to retail and agriculture away from other sectors like power, roads, steel due to better perception and opportunities for moderate to large credit growth, he said, adding that robust growth was being seen in retail term deposit.
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