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Indian Overseas Bank narrows net loss to Rs 3,737.88 crore in last fiscal

PTI     May 11, 2019

State-owned Indian Overseas Bank on Saturday reported a net loss of Rs 3,737.88 crore during the fiscal ended March 2019. In 2017-18 fiscal, its net loss was Rs 6,299.49 crore.

For the quarter ended March 2019, the lender logged narrowing of its net loss to Rs 1,985.16 crore on account of declining bad loans.

The bank had posted a loss of Rs 3,606.73 crore during the January-March quarter of 2017-18.

Total income stood at Rs 5,473.92 crore in the fourth quarter of the last fiscal as against Rs 5,814.42 crore in the same period a year ago, it said in a regulatory filing.

The Chennai-headquartered bank provided for Rs 4,501.92 crore towards provisioning and contingencies during the said quarter. This compares with Rs 6,774.55 crore in the year-ago quarter.

Gross non-performing assets (NPA) as a percentage of advances was 21.97 per cent, down from 25.28 per cent in the year-ago quarter. Net NPAs also declined to 10.81 per cent in the fourth quarter from 15.33 per cent.

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