Indian Overseas Bank (IOB) has posted a net loss of Rs 936 crore for the
quarter ended March 31, compared with a net profit of Rs 35.5 crore in
the corresponding quarter a year before.
Total income has decreased to Rs 6,158 crore, from Rs 6,704 crore for the quarter ended March 2015.
Net loss for 2015-16 was Rs 2,898 crore, due to implementation of Assets
Quality Review, which warranted increased provisions on identified
non-performing assets (NPAs). This resulted in negative results for
2015-16.
Gross NPAs stood at Rs 30,049 crore, with gross NPA ratio of 17.4 per
cent. Net NPA stood at Rs 19,213 crore, with net NPA ratio 11.9 per cent
as on March 31.
In 2015-16, the Bank has raised capital to the tune of Rs 2,009 crore from the centre and Rs 202 crore from LIC.
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