IOB profit rises 21%

Public sector lender Indian Overseas Bank’s net profit swelled 21 per cent in the first quarter of the current fiscal compared to the year-ago period. The bank posted a profit of Rs 268.49 crore for the first quarter against Rs 222.04 crore the corresponding period last year. Total income went up 58.10 per cent during the period. The deposits grew to Rs 70,204 crore as on June 30, 2007 as compared to Rs 53,225 crore as on June 30, 2006, while advances went up to Rs 48,610 crore from Rs 37,891 crore.