Public sector lender Indian Overseas Bank’s net loss widened to Rs.3,606.73
crore in the March quarter due to higher provisioning for mounting bad loans.
The bank had registered a net
loss of Rs. 646.66 crore in the same quarter of previous fiscal.
Its net income stood at Rs.5,814.42
crore during the fourth quarter of 2017-18 from Rs.5,661.70 crore in same
period a year-ago, the bank said in a BSE filing.
The bank’s provisions for bad
loans and contingencies increased sharply to Rs.6,774.55 crore during the March
quarter from Rs.1,789.74 crore a year earlier.
Asset quality worsened with
gross non-performing assets (NPAs) at 25.28 % of gross advances at the end of
March from 22.39 % in the year-ago period.
Net NPAs were at 15.33 % of
net loans, up from 13.99 % in the last quarter of 2016-17.
For the full financial year
2017-18, the bank’s net loss rose to Rs.6,299.49 crore from Rs.3,416.74 crore
in 2016-17.
Its net income remained lower
at Rs.21,661.65 crore as against Rs.23,091.25 crore in the said period.
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