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Indian Overseas Bank net loss contracts to Rs 342 crore in Q1

According to the bank, the reduction in net loss was mainly due to lower provisioning and improved recovery.

Published: 24th July 2019 08:08 AM  |   Last Updated: 24th July 2019 08:08 AM   |  A+A-

Indian Overseas Bank

Indian Overseas Bank is the Convenor Bank of the committee in Tamil Nadu.

By Express News Service

State-run Indian Overseas Bank on Tuesday reported a reduction in its net loss for the quarter ended June 2019, falling to Rs 342.08 crore compared to a net loss Rs 919.44 crore for the same period of the previous year. 

According to the bank, the reduction in net loss was mainly due to lower provisioning and improved recovery. The bank’s total income fell by 6 per cent to Rs 5,006.48 crore in the quarter compared to Rs 5,326.71 crore during the same period of the previous financial year. Interest income meanwhile grew 2.07 per cent to Rs 4,336.39 crore during the quarter, but non-interest income fell by 38 per cent to Rs 670.09 crore.

While the bank’s bad asset ratio improved, gross non-performing asset (NPA) levels remain elevated at 22.53 per cent (Rs 33,262 crore) of the gross advances against 25.64 per cent (Rs 38,146 crore) a year ago. Net NPAs were 11.04 per cent (Rs 14,174 crore), down from 15.10 per cent (Rs 19,642 crore). The fall in NPAs has led to a lowering of provisions and contingencies at Rs 1,170.24 crore for the quarter, compared with Rs 2,051.03 crore the previous year. 

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