IOB says bottomline for Q4 hit by RBI's revised insolvency framework

The total slippage for the quarter ended March 2018 stood at Rs 98.68 billion

Indian Overseas Bank reported a net loss of Rs 36.06 billion during the quarter ended 31 March 2018. This is a more than five-fold increase in losses from Rs 6.46 billion during the same quarter last year.

The increase in losses is mainly due to higher bad loan provisioning requirements as mandated by revised RBI guidelines on the resolution of stressed assets, the bank said. 

Following the revised framework, IOB has classified the specific restructured accounts in accordance with extant Income Recognition and Asset Classification (IRAC) norms and made a provision of Rs 7.99 billion towards such accounts during the