Indian Overseas Bank trims Q2 loss at Rs 4.87 billion on lower provisions

The gross Non Performing Assets (NPA) grew to Rs 371.1 billion, with ratio of 24.73 per cent, as compared to Rs 347.09 billion (22.73 per cent) during the same period last year

Net loss of public sector lender Indian Overseas Bank has narrowed to Rs 4.87 billion during the quarter ended September 30, 2018, as compared to a net loss of Rs 12.23 billion during the same period last year.

Net loss, though reduced by 60 per cent during the quarter compared to the same period last year, is due to provisions on bad debts and investment and not due to operations, said the Bank management.

The total income declined 4.67 per cent to Rs 53.48 billion during the three months ended September, this year, compared to Rs 56.10 billion during the corresponding period