Chennai: Indian Overseas Bank today posted a 24.88 per cent increase in net profit at Rs 308.18 crore for the quarter ended December 31,2007,against Rs 246.78 crore during the same quarter in 2006.

The total income of the bank rose 42.74 per cent to Rs 2,295.34 crore in the third quarter from Rs 1,608.07 crore for the same period last year.

The bank reported a rise of 24.73 per cent in net profit at Rs.896.38 crore for the first nine months of the current fiscal against Rs.718.67 crore in the period previous fiscal, IOB Chairman S A Bhat told reporters here.

Total business, which stood at Rs.1,03,288.67 crore as on December 31,2006,was also up by 29.16 per cent to reach Rs 1,33,412.74 crore as on December 31,2007,he said.

Deposits and advances also grew by 33.09 per cent and 23.89 per cent respectively, he said.

Source : PTI