IOB net loss goes up to Rs.551 crore

Chennai, Oct 31 (IANS) Government-owned Indian Overseas Bank on Saturday said higher provisions towards domestic and overseas advances has resulted in the bank posting a net loss of Rs.551 crore in the second quarter of 2015-16.

In statement issued here, the bank said it has posted a net loss of around Rs.551 crore for the quarter ended September 30, against a Rs.245.51 crore loss for the quarter ended September 30, 2014.

The bank’s total income has increased from Rs.6,440.77 crore last year to Rs.6,769.94 crore for the quarter under review.

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