Indian Overseas Bank loss widens to Rs 550.83 crore

Chennai-based Indian Overseas Bank reported a net loss of Rs 550.83 crore for the quarter ended September, against a net loss of Rs 245.51 crore a year ago.

The bank said "increased provisions for domestic and overseas advances resulted in the net loss". Total income in the July-September quarter rose to Rs 6,770 crore, against Rs 6,441 crore during the same period of the previous year. Gross non-performing asset (NPA) as on September 30 stood at 19,424 crore, compared to Rs 13,334 crore a year ago. Net NPA of the bank was 12,539.23 crore in the September quarter, compared to 9,108.69 crore during the same period last year.

Total business for the September quarter stood at Rs 4,09,542 crore, while total deposits stood at Rs 2,33,026 crore.