IOB Q3 loss widens almost 10-fold to RS 5,901 cr on massive provisioning

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

Indian Overseas Bank (IOB) has reported a substantial increase in loss before tax of Rs 5,901.6 crore during the quarter ended December 31, 2019 as against Rs 609.14 crore, a year ago. The Bank attributed a high provision of Rs 5,564 crore towards NPAs for the high loss figure.

IOB's total income declined 8.6 per cent to Rs 5,197.94 crore during the quarter from Rs 5,688.59 crore during same period last year. Its total business stood at Rs 3,59,933 crore as on December 31, 2019 as against Rs 3,70,901 crore a year ago.

Gross NPAs of the bank came down