1. Indian Overseas Bank Q2 net loss widens to Rs 1,222 crore

Indian Overseas Bank Q2 net loss widens to Rs 1,222 crore

Chennai-headquartered public sector lender Indian Overseas Bank (IOB) on Tuesday reported a net loss of Rs 1,222.50 crore for the second quarter as against a net loss of Rs 765.13 crore in the same quarter last fiscal.

By: | Chennai | Updated: November 8, 2017 4:00 AM
The bank which has been plagued by mounting bad assets for quite a long time for now, said that the widening of net loss was due to increase in the provision by 23.6% over September 2016 and the quantum of additional provision made to the tune of Rs 985.04 crore during September 2017 quarter.

Chennai-headquartered public sector lender Indian Overseas Bank (IOB) on Tuesday reported a net loss of Rs 1,222.50 crore for the second quarter as against a net loss of Rs 765.13 crore in the same quarter last fiscal. The bank which has been plagued by mounting bad assets for quite a long time for now, said that the widening of net loss was due to increase in the provision by 23.6% over September 2016 and the quantum of additional provision made to the tune of Rs 985.04 crore during September 2017 quarter. The total income of the bank for Q2, 2018 stood at Rs 5610.35 crore as against Rs 5961.62 crore, in the same quarter last fiscal, registering a decrease of 5.89%. Getting into an alarming situation, the gross NPA stood at Rs 34,708.59 crore with ratio of 22.73% as against Rs 34,724.12 crore with ratio of 21.77%. Like wise , the net NPA was at Rs 18,949. 55 crore with a ratio of 13.86% as compared to Rs 20,765. 31 crore with ratio of 14.30%.

The bank in a statement said that the total recovery of Rs 3965 crore was achieved in Q2, 2018 as against the recovery of Rs 2784 crore in June quarter while the total slippage was restricted Rs 2693 crore.

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