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IOB
net up 26 per cent
Our Banking
Bureau
2 August 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.
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