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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 narrowed 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 provisions for non-performing assets (NPAs).
On a sequential basis, however, the provisions stand reduced by 26.76 per cent and are down by about Rs 6.05 billion quarter on quarter.
As at December 2017, Bank's gross NPA stood at Rs 332.67 billion crore with a ratio of
