Indian Overseas Bank Q1 net loss widens to Rs 919 crore
Indian Overseas Bank’s Q1 net loss widens to Rs 919.44 crore from Rs 499.09 crore a year ago
Mumbai: Indian Overseas Bank Ltd on Friday reported a loss for the 12th consecutive quarter as bad loans continued to mount and provisions soared. Net loss for the quarter stood at Rs 919.44 crore against Rs 499.09 crore a year ago.
Provisions and contingencies rose 49.30% to Rs 2,400.60 crore in the quarter from Rs 1,607.88 crore a year ago. On a quarter-on-quarter basis, they fell 64.56% from Rs 6774.55 crore.
Gross non-performing assets (NPAs) rose 7.6% to Rs 38,146.05 crore at the end of the June quarter from Rs 35,453.12 crore in the same quarter last year.
As a percentage of total loans, gross NPAs stood at 25.64% as compared to 25.28% in the previous quarter and 23.60% in the year-ago quarter. Net NPAs were at 15.10% in the June quarter compared to 15.33% in the previous quarter and 14.97% in the same quarter last year.
Net interest income (NII), or the core income a bank earns by giving loans, was up 17.91% to Rs1208.10 crore versus Rs1024.61 crore last year. Other income surged 9.2% to Rs 1078.11 crore.
Shares of IOB closed at Rs 14.60 on BSE, up 4.06% from previous close while India’s benchmark Sensex Index rose 1% to 37336.85 points.