State-owned Indian Overseas Bank said its net profit declined by 60.46 per cent to Rs 127.44 crore for the fourth quarter ended March 31,2010. Total income of the bank decreased to Rs 2,829.80 crore for the March quarter,compared to Rs 3,134.19 crore for the same period last fiscal,IOB said in a filing to the Bombay Stock Exchange (BSE). For the year ended March 2010,the bank posted a net profit of Rs 706.96 crore,compared to Rs 1,325.79 crore in the last fiscal. The bank reported a total income of Rs 11,389.02 crore for the year ended March,2010,compared to Rs 11,168.73 crore in the previous financial year. Besides,the bank earned an interest of Rs 2,547.83 crore for the quarter ended March 31,compared to Rs 2,511.50 crore during the same period previous fiscal. For the year ended March 2010,the bank earned an interest of Rs 10,245.77 crore,compared to Rs 9,641.40 crore in the corresponding fiscal. The company has recommended a dividend of 35 per cent or Rs 3.50 per share for the financial year 2009-10. Shares of IOB closed at Rs 95.05 on BSE,down 3.31 per cent from its previous close.
