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IOB Q3 net loss narrows to Rs 346 crore

IOB Q3 net loss narrows to Rs 346 crore

New Delhi, Jan 25 (PTI) Public sector lender Indian Overseas Bank (IOB) Friday said its net loss narrowed to Rs 346.02 crore in the December 2018 quarter, from Rs 971.17 crore in the corresponding period a year ago.Total income grew to Rs 5,688.59 crore during the quarter under review as against Rs 5,062.38 crore in the year-ago period, the bank said in a regulatory filing.Interest income stood at Rs 4,542.42 crore as against Rs 4,254.68 crore a year ago.IOB's gross non-performing assets (NPAs) stood at 23.76 per cent of the gross advances in the quarter under review as against 21.95 per cent a year earlier.Net NPAs were 13.56 per cent of the net loans, up from 13.08 per cent.Thus, the provisioning for bad loans and contingencies was raised to Rs 2,075.28 crore for the quarter under review.Shares of the bank were trading 0.43 per cent lower at Rs 13.80 apiece on the BSE. PTI SVK RUJMKJ