Indian Overseas Bank Q3 loss narrows to Rs 554 cr

Indian Overseas Bank (IOB) has reported a net loss Rs 554.44 crore during the quarter ended December 2016 as against Rs 1,425 crore a year ago. Total income of the bank during the quarter was Rs 5,599.50 crore as against Rs 6445.78 crore.

Gross NPA of the Bank during the third quarter is at Rs 34,502.13 crore with ratio of 22.42% as compared to Rs 34,724.12 crore as on September 30, 2016, with ratio of 21.77% and Rs 22672.40 crore, during the three month ended December 2015.

Gross NPA slightly reduced during the quarter, however, the increase in percentage is mainly on account of reduction in asset size.

Recover for the nine months, ending December 2016 is Rs 5981 crore and during the quarter it was Rs 2446 crore.

Net NPA was Rs 19,900.75 crore with ratio of 14.32% as of December 2016, as against Rs 20756.31 crore with ratio of 14.3% as on September 2016.

While in absolute term it was reduced, ratio increased despite reduction in credit during the quarter and net NPA amount is reduced by Rs 864.56 crore.

Provision coverage ration improved to 52.17% as on December 31, 2016.