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Indian Overseas Bank (IOB) said on Thursday that around 46 per cent reduction in its net loss during the second half of the financial year 2016-17 (FY17) was an indication that corrective actions taken by the bank were yielding results.
IOB’s net loss in the first half of FY17 was Rs 2,216 crore, while it was Rs 1,201 crore in the second half — a drop of about 46 per cent, said R Subramaniakumar, managing director and chief executive officer, IOB, while addressing a meeting of shareholders in Chennai.
The bank, however, reported a cumulative net loss of Rs 3,417 crore for
