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IOB net loss narrows to Rs 1,985 cr in Q4

Press Trust of India  |  New Delhi 

State-owned Saturday reported narrowing of its net loss to Rs 1,985.16 crore in the quarter ended March 2019 on account of declining bad loans.

The had posted a loss of Rs 3,606.73 crore during the January-December quarter of 2017-18.

Total income stood at Rs 5,473.92 crore in the fourth quarter of the last fiscal as against Rs 5,814.42 crore in the same period a year ago, it said in a regulatory filing.

The Chennai-headquartered provided for Rs 4,501.92 crore towards provisioning and contingencies during the said quarter. This compares with Rs 6,774.55 crore in the year-ago quarter.

Gross non-performing asset (NPA) as a percentage of advances was 21.97 per cent, down from 25.28 per cent in the year-ago quarter. Net NPA also declined to 10.81 per cent in the fourth quarter from 15.33 per cent.

On annual basis, the bank posted a net loss of Rs 3,737.88 crore during the fiscal ended March 2019. In 2017-18 fiscal, its net loss was Rs 6,299.49 crore.

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

First Published: Sat, May 11 2019. 22:11 IST