IOB announces Q4 net profit of Rs.2897.626 million, recommends 30% dividend

Indian Overseas Bank (IOB) has announced the following Audited results for the quarter & year ended March 31, 2007. The Bank has posted a net profit of Rs 2897.626 million for the quarter ended March 31, 2007 where as the same was at Rs 2044.456 million for the quarter ended March 31, 2006. Total Income is Rs 19358.436 million for the quarter ended March 31, 2007 where as the same was at Rs 13369.412 million for the quarter ended March 31, 2006.

The results for the Year ended March 31, 2007: The Bank has posted a net profit of Rs 10084.348 million for the year ended March 31, 2007 where as the same was at Rs 7833.442 million for the year ended March 31, 2006. Total Income is Rs 62191.217 million for the year ended March 31, 2007 where as the same was at Rs 49474.068 million for the year ended March 31, 2006.

Figures for the current quarter and current year include the operations of erstwhile Bharat Overseas Bank Ltd for the period January 01, 2007 and March 31, 2007 and hence are not comparable.

The Board of Directors of the Bank at its meeting held on April 23, 2007, inter alia, has recommended a Dividend of 30% i.e., Rs 3.00 per Equity share of Rs 10/- each for the financial year 2006-2007.

The stock was trading at Rs.104.15, down by Rs.2.85 or 2.66%. The stock hit an intraday high of Rs.110.90 and low of Rs.104.15. The total traded quantity was 117634 shares compared to 2 week average of 64856.

Source : Equity Bulls

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