Indian Overseas Bank (IOB) saw a quadruple jump in net profit in the fourth quarter of the financial year 2013-14 at Rs 268 crore as against a miserly Rs 59 crore registered in the same quarter of the previous year.
The leap in net profit for the final quarter has translated quite well in the bank’s figures for the whole year, with the final figures released for the FY 2013-14 showing a 6 per cent increase in net profit.
The Chennai-based bank made Rs 601.74 crore profit for FY14 as against the Rs 567.23 crore registered during FY13.
The increase in net profit wasn’t the only positive that the balance sheet for the year showed. The bank’s income for the quarter and the year have increased to Rs 6,475.93 crore and Rs 24,853.07 crore respectively against Rs 5,898.15 crore and Rs 22,649.63 crore it registered during the same periods last fiscal.
Its total business grew by 12 per cent to Rs 4,09,057 crore for the fiscal 2013-14 compared to Rs 3,66,501 crore posted in the previous year.
Total deposits for the same period grew by 13 per cent to Rs 2,27,976 crore from Rs 2,02,135 crore previously and total advances were up by 10 per cent to Rs 1,81,081 crore from Rs 1,64,366 crore in the previous year.
While gross NPAs for Q4 stood at 4.98 per cent as against 4.02 per cent registered during the same period of previous year, Net NPA stood at 3.20 per cent as against 2.50 per cent registered during the same period of previous year.