Indian Overseas Bank Q3 Results

Fresh slippage at Rs 1,647.82 cr; year-ago loss was Rs 609 cr

Indian Overseas Bank (IOB) has reported a net loss of Rs 9.71 billion during the third quarter ended December 2017 as compared to Rs 5.54 billion, a year ago. However sequentially, the loss dropped by 20.56 per cent from Rs 12.22 billion.R Subramaniakumar, Managing Director & CEO, Indian Overseas Bank attributed the loss mainly due to high provision towards NPAs. However, the provisions have reduced by 26.76 per cent over September 2017 and the quantum of reduction in provision made was Rs 6.05 billion quarter on quarter.The Bank needs to provision for its NPA, which is declining, while on the other side the recovery is increasing.As at December 2017, Bank's gross NPA was Rs 332.67 billion crore with a ratio of 21.95 per cent as against Rs 345.02 billion, a year ago with a ratio of 22.42 per cent.There has been a reduction in gross NPA by Rs 14.41 billion during the third quarter as compared to the second quarter (stood at Rs 347.08 billion).Recovery was Rs 30.20 billion for the