Indian Overseas Bank (IOB) on Monday reported a standalone loss of Rs 6,075.49 crore for the quarter ended December 31. The public sector lender had posted a loss of Rs 346.02 crore in the same period last year.
The bank kept aside Rs 6,663.94 as provisions for bad loans in the quarter, which hit its bottom line. The number stood at Rs 2,075 crore in the year-ago period.
Operating profit stood at Rs 762.35 crore against Rs 1,466.15 crore for the quarter ended December 31, 2018.
Total income of IOB during the quarter came in at Rs 5,197.95 crore while interest income stood at Rs 2,867.66 crore.
Gross NPA ratio slid to 17.12 per cent against 23.76 per cent last year. Net NPA saw an improvement of 775 basis points, as it eased to 5.81 per cent from 13.56 per cent.
The lender said its provision coverage ratio improved to 86.20 per cent during the quarter against 64.23 per cent in the year-ago period.
Fresh slippages were at Rs 1,647.82 crore while recovery was at Rs 7,085.04 crore.
The bank said it has evolved a policy of not taking fresh exposures in stressed sectors, below hurdle rated accounts and ‘BB’ and below rated accounts. The bonk has also exited from accounts in the stressed sectors, wherever feasible.
Due to this, gross advances came down to Rs 1,38,643 crore in the December quarter from Rs 1,50,590 crore in the same quarter last year.
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