IOB net loss narrows to Rs 1,985 cr in Q4

NEW DELHI, May 11: State-owned Indian Overseas Bank Saturday reported narrowing of its net loss to Rs 1,985.16 crore in the quarter ended March 2019 on account of declining bad loans.

The bank had posted a loss of Rs 3,606.73 crore during the January-December 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 quarter. This compares with Rs 6,774.55 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 Rs 3,737.88 crore during the fiscal ended March 2019. In 2017-18 fiscal, its net loss was Rs 6,299.49 crore. (PTI)