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Indian Overseas Bank Q4 net loss narrows to Rs 646.66 cr

17 May, 2017 5:05 PM
29 0
Indian Overseas Bank Q4 net loss narrows to Rs 646.66 cr

Public sector lender Indian Overseas Bank's net loss narrowed to Rs 646.66 crore in the last quarter of 2016-17 fiscal due to reduction in provisions for bad loans.

The bank had registered a net loss of Rs 936.19 crore in the same quarter of previous fiscal.

Net income declined to Rs 5,661.70 crore during the fourth quarter of 2016-17 from Rs 6,157.72 crore in same period a year-ago, the bank said in a BSE filing.

The bank's provisions for bad loans and contingencies decreased to Rs 1,789.74 crore during the March quarter from Rs 2,666.16 crore a year earlier.

Asset quality worsened with gross non-performing assets (NPAs) hitting 22.39 per cent of gross advances at the end of March from 17.40 per cent in the year-ago period.

For the full financial year 2016-17, the bank's net loss however rose to Rs 3,416.74 crore from Rs 2,897.33 crore in 2015-16.

Its net income remained lower at Rs 23,091.25 crore as against Rs 26,045.55 crore in the said period.

Also read: Reliance Industries hits record high, up 4.5%; increases investors' wealth by Rs 2.43 lakh cr

Source: moneycontrol.com

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