Indian Overseas Bank (IOB) shares fell as much as 11.8 per cent after its losses soared to Rs 1,425 crore in the October-December quarter on higher provisioning for stressed loans.
The public-sector lender had reported a net loss of Rs 516 crore in the corresponding quarter of the previous fiscal.
IOB made a provision of Rs 1,896 crore for bad loans, up 60 per cent from Rs 1,183 crore in the year-ago quarter.
Non-performing loans at IOB increased by 17 per cent sequentially to Rs 22,672 crore in the December quarter. As a percentage of advances, it stood at 12.64 per cent against 11 per cent in the September quarter.
Its net non-performing assets, which is bad loans without provisioning, increased to 8.32 per cent against 7.41 per cent sequentially.
IOB shares traded ended 6.2 per cent lower at 23.45 compared to 1.1 per cent fall in the broader Nifty.
The public-sector lender had reported a net loss of Rs 516 crore in the corresponding quarter of the previous fiscal.
IOB made a provision of Rs 1,896 crore for bad loans, up 60 per cent from Rs 1,183 crore in the year-ago quarter.
Non-performing loans at IOB increased by 17 per cent sequentially to Rs 22,672 crore in the December quarter. As a percentage of advances, it stood at 12.64 per cent against 11 per cent in the September quarter.
Its net non-performing assets, which is bad loans without provisioning, increased to 8.32 per cent against 7.41 per cent sequentially.
IOB shares traded ended 6.2 per cent lower at 23.45 compared to 1.1 per cent fall in the broader Nifty.
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