Indian Overseas Bank in red, net loss at Rs 245 crore

Written by fe Bureau | Chennai | Updated: Oct 31 2014, 06:07am hrs
Public sector lender Indian Overseas Bank (IOB) has plunged into red, registering a net loss of R245.51 crore for the second quarter as against a net profit of R132.55 crore in Q2 of the last fiscal.

Increased provisions for domestic and overseas advances, and provision for treasury operations resulted in net loss, said a statement from the bank.

The total income of the bank has increased to R6,441 crore from R5,999 crore y-o-y, while non-interest income, including profit on sale of investments, stood at R478.47 crore. The gross NPA grew to R13,333 crore for the quarter as against R 8,201 crore in the fiscal.

In percentage terms, the gross NPA, stood at 7.3% as against 4.65% in the 2013-14 financial year. The net NPA of the bank was at R9, 108 crore, or 5.17%, as against 4,874 crore, or 2.83%.