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Indian Overseas Bank tumbles after Q2 net loss widens

Capital Market 

Indian Overseas Bank tanked 11.10% to Rs 10.65 after the bank reported a net loss of Rs 2,253.64 crore in Q2 September 2019 compared with a net loss of Rs 487.26 crore in Q2 September 2018.

The total income fell 6.1% to Rs 5,024 crore in Q2 September 2019 as against Q2 September 2018. The result was announced after market hours yesterday, 4 November 2019.

The bank's gross non-performing assets (NPAs) stood at Rs 28,673.95 crore as on 30 September 2019 as against Rs 33,262 crore as on 30 June 2019 and Rs 37,109.96 crore as on 30 September 2018.

The ratio of gross NPAs to gross advances stood at 20% as on 30 September 2019 as against 22.53% as on 30 June 2019 and 24.73% as on 30 September 2018.

The ratio of net NPAs to net advances stood at 9.84% as on 30 September 2019 as against 11.04% as on 30 June 2019 and 14.34% as on 30 September 2018.

The bank's provisions and contingencies jumped 48.56% to Rs 2,996.04 crore in Q1 September 2019 over Q1 September 2018. Provision coverage ratio of the bank was at 75.85% as on 30 September 2019.

The Current Account-Savings Account (CASA) deposits rose 0.53% to Rs 84,595 crore in Q2 September 2019 as against Rs 84,145 in Q1 June 2019. CASA deposits advanced 5.46% from Rs 80,219 crore in Q2 September 2018.

CASA ratio stood at 38.06% as on 30 September 2019 as against 35.95% on 30 September 2018 and 38.05% on 30 June 2019.

The Net Interest Income (NII) declined 6.52% to Rs 1,204 crore in Q2 September 2019 as against Rs 1,288 crore in Q1 June 2019. NII fell 0.33% from Rs 1,208 crore in Q2 September 2018.

The Net Interest Margin (NIM) stood at 1.86% in Q2 September 2019 as against 1.91% in Q2 September 2018 and 2.01% in Q1 June 2019.

Indian Overseas Bank is engaged in the business of banking. The bank's segments include treasury, corporate/wholesale banking, retail banking and other banking operations.

Government of India holds 92.52% stake in Indian Overseas Bank (as on 30 September 2019).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 05 2019. 12:26 IST
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