In­dian Over­seas Bank Q3 loss widens

The Pak Banker - - COMPANIES/BOSS -

State-run In­dian Over­seas Bank on Wed­nes­day re­ported widen­ing of net loss to Rs.1,425.06 crore for the Dec quar­ter on the back of higher pro­vi­sion­ing against bad loans. The bank had posted a net loss of Rs.516.03 crore in the same quar­ter last fis­cal. On ac­count of in­creased pro­vi­sions for do­mes­tic and over­seas ad­vances in­clud­ing pro­vi­sion made for as­set qual­ity re­view, as per the Re­serve Bank of In­dia (RBI) di­rec­tion, re­sulted in net loss, In­dian Over­seas Bank said in a state­ment.

To­tal in­come of the bank de­clined to Rs.6,445.78 crore dur­ing the quar­ter un­der re­view from Rs.6,647.45 crore in the same pe­riod a year ago. Gross non-per­form­ing as­sets (NPAs), as a per­cent­age of to­tal ad­vances, rose to 12.64% from 8.12% in the same quar­ter a year ago. Net NPAs went up to 8.32% com­pared with 5.52% in the year-ago pe­riod. To­tal pro­vi­sions, ex­clud­ing for in­come tax, in­creased to Rs.1,896.06 crore as against Rs.1,183.04 crore in the same pe­riod last fis­cal year.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.