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IOB reports 89% plunge in Q4FY13 net profit

29 Apr 2013 Evaluate

Indian Overseas Bank (IOB) has reported results for the quarter and year ended March 31, 2013:

The bank’s net profit has plunged by 88.87% at Rs 58.87 crore for the fourth quarter ended March 31, 2013 as compared to Rs 528.81 crore for the similar quarter ended March 31, 2012. Total Income has marginally increased by 8.92% to Rs 5898.15 crore for the quarter ended March 31, 2013 from Rs 5415.09 crore for the quarter ended March 31, 2012.

For the Year ended March 31, 2013, the bank’s net profit has dropped by 45.99% at Rs 567.23 crore as compared to Rs 1050.13 crore for the previous year. Bank’s total Income has increased by 15.69% to Rs 22649.63 crore for the year from Rs 19578.13 crore for the previous fiscal.

The bank’s board of directors at its meeting held on April 29, 2013, inter alia, has considered and recommended a dividend of Rs 2 per Equity Share of Rs 10 each (i.e. 20%) for the financial year 2012-13.

Peers
Company Name CMP
State Bank Of India 954.00
PNB 109.90
Bank Of Baroda 231.75
Canara Bank 118.50
Union Bank Of India 168.00
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