IOB’s net loss falls by 65.6% in Q1

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New Delhi, Aug 10 (IANS) State-run Indian Overseas Bank (IOB) on Thursday reported a fall in net loss by 65.6 per cent at Rs 49,909 lakh in the first quarter ended June 30, compared with a loss of Rs 1,45,050 lakh in the year-ago period.

The lender’s provision for non-performing assets (NPAs) in the quarter under review stood at Rs 1,60,788 lakh, down by 24.7 per cent from Rs 2,13,781 lakh in the corresponding quarter of last fiscal.

The bank’s total income during the period was Rs 5,17,450 lakh, down by 11.82 per cent from Rs 5,86,844 lakh in the same period in the last fiscal.

In the said quarter, IOB’s gross NPAs stood at Rs 35,45,312 lakh, up by 4.5 per cent from Rs 33,91,315 lakh in the corresponding period last year.

–IANS

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