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Indian Overseas Bank Q2 net loss at Rs 1,222.5 crore

Indian Overseas Bank on Tuesday reported a 33.73 per cent quarter-on-quarter growth in operating profit at Rs 1,038.56 crore for the July-September 2017 quarter

Published: 08th November 2017 02:44 AM  |   Last Updated: 08th November 2017 08:11 AM   |  A+A-

Indian Overseas Bank on Tuesday reported a 33.73 per cent quarter-on-quarter growth in operating profit at Rs 1,038.56 crore for the July-September 2017 quarter (Express Photo | KK Sundar)

By Express News Service

CHENNAI: Chennai-based public-sector lender Indian Overseas Bank (IOB) on Tuesday reported a 33.73 per cent quarter-on-quarter growth in operating profit at Rs 1,038.56 crore for the July-September 2017 quarter against Rs 776.60 crore in the preceding three-month period.

Net profit, though, remained in the red at Rs 1,222.50 crore. The figure was Rs 765.13 crore in the year-ago quarter. “Net loss is due to increase in the provision by 77.3 per cent over June 2017 and 23.6 per cent over September 2016; the quantum of additional provision made was Rs 985.04 crore during September 2017,” IOB said.

Interest income showed a modest uptick at Rs 4,645.77 crore for the reporting quarter compared to Rs 4,187.20 crore a year ago. Total income for the September 2017 quarter stood at Rs 5,610.35 crore against Rs 5,174.5 crore in the preceding quarter.

Improving asset quality

Net NPA was contained at Rs 18,949.5 crore with a ratio of 13.86 per cent as of September 2017 against Rs 20,765.3 crore and 14.3 per cent a year ago. Net NPA has reduced both in quantum and as a percentage of net advances

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