net loss of Rs 346.02 crore in the same quarter last fiscal year
IOB Q3 results: Reported a loss of Rs 6,075 crore as provisions
IOB Q3 results: Indian Overseas Bank is a public sector bank located in Chennai, almost 3,400 domestic branches, about 6 foreign branches. The IOB on Monday posted a consolidated net loss of Rs 6,075.49 crore for the quarter ended in December.
However, the public sector bank also reported a consolidated net loss of Rs 346.02 crore in the same quarter last fiscal year.
The IOB decided to keep some amount of Rs 6,663.94 for actions taken against bad loans of this quarter. Whereas in the previous year, the numbers stand at Rs 2,075 crore.
The profit obtained from business operations stands at Rs 762.35 crore compared to Rs 1,466.15 crore for the same quarter last year. The bank’s total income this quarter is almost 5,197.95 crore. While the interest income of the bank stands at 2,867.66 crores.
The banks gross Non- performing assets(NPA) ratio decrease to 17.12% compared with 23.76% the previous year. The Net Non-performing assets saw an improvement with 775 bps makes 5.81% from 13.56%.
The bank also mentioned the provision coverage ratio increased to 86.20% for this quarter as compared to the previous year with 64.23% of the same period. The new NPA for this quarter was at Rs 1,647.82 crore while the recovery was at Rs 7,085.04 crore. For this reason, the gross advances came down to Rs 1,38,643 crore this quarter compared to Rs 1,50,590 crore in the same period last fiscal year.
BSE: The IOB on Monday added 0.15 points with a 1.54% increase and reached 9.88 INR.
NSE: The IOB on Monday added 0.20 points with a 2.06% increase and reached 9.90 INR.