Government-owned lender Indian Overseas Bank (IOB) Thursday reported a whopping net loss of Rs.516 crore for the quater ended Dec 31, 2014 as against a net profit of Rs.75 crore earned for corresponding period last year.
According to IOB, the quantum jump in the net loss is due to increase in the provisions for domestic and overseas advances and also to the conscious decision of the bank to contain credit growth.
The bank's gross non-performing assets (NPA) as on Dec 31, 2014 stood at Rs.14,501 crore up from Rs.13, 334 crore at end of previous quarter.
For the period under review, IOB's total income stood at Rs.6,647.45 crore as compared to Rs.6,190.2 crore earned last year.
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