Indian Overseas Bank Q4 net loss narrows to Rs1,985 crore
13 May 2019
State-owned Indian Overseas Bank has reported a lower net loss of Rs1,986.16 crore for the fiscal fourth quarter ended 31 March 2019 year-on-year on the back of declining bad loans.
The bank had registered a net loss of Rs 3,606.73 crore during the January-March quarter of the 2017-18 financial year.
Total income of the bank stood at Rs5,473.92 crore in the fourth quarter of the last fiscal against Rs5,814.42 crore in the same period of the previous fiscal, IOB stated in a regulatory filing.
The Chennai-headquartered bank, however, made a lower provisioning of Rs4,501.92 crore during the January-March 2019 quarter compared with Rs6,774.55 crore in the year-ago quarter.
Gross non-performing asset (NPA) as a percentage of advances was 21.97 per cent, down from 25.28 per cent in the year-ago quarter. Net NPA also declined to 10.81 per cent in the fourth quarter from 15.33 per cent.
On annual basis, the bank posted a net loss of Rs3,737.88 crore during the fiscal ended March 2019. In 2017-18 fiscal, its net loss was Rs 6,299.49 crore.