 "Indian Overseas Bank hits 52-week low on weak Q2 results")
Indian Overseas Bank has dipped 16% to Rs 29.55, also its 52-week low on the BSE, after the state-owned bank reported a net loss of Rs 551 crore for the quarter ended September, 2015 (Q2) against a net loss of Rs 246 crore a year ago.
The bank said "increased provisions for domestic and overseas advances resulted in the net loss for the quarter ending September 30, 2015”.
Net interest income (interest earned minus interest expended) during the quarter increased marginally 4% at Rs 1,398 crore against Rs 1,344 crore in a year ago quarter.
Assets quality of the bank worsen further with the ratio of gross non-performing assets (NPAs) to gross advances stood at 11% as on September 30, 2015, same as 9.4% as on June 30, 2015 and 7.35% as on September 30, 2014.
The ratio of net NPAs to net advances during the quarter stood at 7.41% against 6.31% in previous quarter and 5.17% in the same quarter year ago.
At 09:33 AM, the stock was down 14% at Rs 30.15 on the BSE. A combined 7.07 million shares changed hands on the counter on the BSE and NSE.
The bank said "increased provisions for domestic and overseas advances resulted in the net loss for the quarter ending September 30, 2015”.
Net interest income (interest earned minus interest expended) during the quarter increased marginally 4% at Rs 1,398 crore against Rs 1,344 crore in a year ago quarter.
Assets quality of the bank worsen further with the ratio of gross non-performing assets (NPAs) to gross advances stood at 11% as on September 30, 2015, same as 9.4% as on June 30, 2015 and 7.35% as on September 30, 2014.
The ratio of net NPAs to net advances during the quarter stood at 7.41% against 6.31% in previous quarter and 5.17% in the same quarter year ago.
At 09:33 AM, the stock was down 14% at Rs 30.15 on the BSE. A combined 7.07 million shares changed hands on the counter on the BSE and NSE.
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