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IOB Q2 loss widens to Rs 2,250 crore from Rs 712 crore a year ago

Total income down 6% to Rs 5,024 crore; bad loans shrink

Gireesh Babu  |  Chennai, 4 November 

Indian Overseas Bank, IOB

(IOB) has reported a wider loss of Rs 2,250.03 crore during the quarter ended September 30, 2019, as compared to Rs 712.41 crore during the same period last year. The management was striving to come out of a loss situation and post a profit during the second quarter.

The lender's total income declined by six per cent to Rs 5,024 crore from Rs 5,348.35 crore during the same quarter last year.

Provisions other than tax and contingencies rose to Rs 2,996.04 crore during the quarter, from Rs 2,016.60 crore in the same quarter last year.

Gross non-performing assets (NPA) came down to Rs 28,673.95 crore during the quarter, which as a percentage of gross advances was 20 per cent, from Rs 37,109.96 crore (24.73 per cent) a year ago. Net NPA also declined to Rs 12,507.97 crore (9.84 per cent) from Rs 18.876.05 crore (14.34 per cent) last year.

Net loss for the period after adjustments is at Rs 2,253.64 crore, compared to the net loss of Rs 487.26 crore during same period last year.

First Published: Mon, November 04 2019. 17:17 IST