Indian Overseas Bank(IOB) Thursday reported narrowing of net loss to Rs 1,985.16 crore for the March quarter of the previous fiscal due to reduction in bad loans and provisioning.
The public sector lender reported a loss of Rs 3,606.73 crore during January-March, 2017-18.
During December quarter of the last fiscal, the bank's loss stood at Rs 346.02 crore.
"Net loss is only due to additional provision in the existing NPA to the tune of Rs 1,400 crore and one fraud account provision to the extent of Rs 700 crore," the bank said.
Total income during the quarter was down at Rs 5,473.92 crore from Rs 5,814.42 crore in the year-ago period, the bank said in a regulatory filing.
For 2018-19, the net loss was down at Rs 3,737.88 crore from Rs 6,299.49 crore during 2017-18. Income was slightly higher at Rs 21,837.58 crore from Rs 21,661.65 crore a year ago.
Gross non-performing assets (NPAs) of the bank came down to 21.97 per cent (Rs 33,398.12 crore) of the gross advances by end of March 2019 as against 25.58 per cent (Rs 38,180.15 crore) at March-end 2018.
Net NPAs were 10.81 per cent (Rs 14,368.30 crore) as against 15.33 per cent (Rs 20,399.66 crore).
Thus, provisioning and contingencies for the March quarter 2019 were reduced to Rs 4,501.92 crore from Rs 6,774.55 crore a year ago.
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