Indian Overseas Bank Q4 FY18 results

Total business stood at Rs. 3,67,831 crore as on 31st March 2018 as against Rs. 3,68,119 crore as on 31st March 2017. Total deposits increased to Rs. 2,16,832 crore as on 31st March 2018 as against Rs. 2,11,343 crore as on 31st March 2017. The Bank has reduced the concentration of Bulk Deposits and increased Retail Term Deposits to have a stable deposit profile and reduce the cost of funds. Operating Profit for Quarter ended 31st March 2018 stood at Rs.1129.15 crore as against Rs. 1040.98 crore for the quarter ended 31st March 2017, registering growth of 8.47%. Net Profit: Net Loss for the quarter ended 31st March 2018 is Rs. 3606.73 crore as against Rs. 646.66 crore for the quarter ended 31st March 2017 mainly due to provisioning requirements including higher provisions on account of RBI guidelines on revised framework on Resolution of Stressed Assets. Pursuant to the revised framework, the Bank has classified the specific restructured accounts in accordance with extant IRAC norms and made a provision of Rs.799.37 crores towards such accounts during the current quarter. Total income for the quarter ended 31st March 2018 is Rs.5814 crore as against Rs.5662 crore for the quarter ended 31st March 2017 registering a growth of 2.68% YoY. Interest income stood at Rs.4828 crore for the quarter ended 31st March 2018 as against Rs. 4630 crore for the quarter ended 31st March 2017 registering a growth of 4.28% YoY.