Mid-sized public sector lender Indian Overseas Bank posted a loss in the July-September quarter as provisions against bad loans increased.
Net loss widened by 59 percent to Rs 1,222.5 crore compared to the corresponding quarter last year, the lender said in its exchange notification. Provisions against bad loans rose to Rs 2,238 crore from Rs 1,608 crore in the previous quarter even as asset quality improved.
Gross non-performing asset, as a percentage of total advances stood at 22. 73 percent, as compared to 23.60 percent on a quarterly basis. Net bad loans also improved in the same period to by 110 basis points to 13.86 percent.
Net interest income, the bank's core income from operations, increased 18.3 percent to Rs 1520.4 crore as compared to the corresponding quarter last year, according to the lender's exchange notification.
Other Highlights
- Other income at Rs 965 crore versus Rs 970 crore year-on-year
- Operating profit declines 2.4 percent to Rs 1,038.5 crore year-on-year
- Recoveries at Rs 3,965 crore versus Rs 2,784 crore in the previous quarter
- Slippages stood at Rs 2,693 crore versus Rs 2,720 crore in the previous quarter
- CASA ratio at 35.6 percent.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
