Chennai-based public sector lender Indian Overseas Bank (IOB) has pared its net loss by 61.09% at Rs 554.44 crore for the third quarter as against net loss of Rs 1425.06 crore registered in the same quarter last fiscal. Total income of the bank for the quarter stood at Rs 5,599.50 crore as compared to Rs 6445.78 crore, registering a drop of 13.12%.
Gross NPA was at Rs 34502.13 crore with ratio of 22.42% as against Rs 34724 crore as on September 2016 (21.77%). Gross NPA slightly reduced during the quarter. However, the increase in percentage was mainly on account of reduction in asset size.