Click here to Download Android App of Latest Bank Update

Do you want to share your banking article with the viewers of Latest Bank Updates...
Send on

Back to Top

Like Latest Bank Updates on Facebook

Contact Us

Indian Overseas Bank reduced Q1 loss

State-owned Indian Overseas Bank (IOB) on Thursday reported narrowing its losses to Rs499.09 crore in the first quarter ended June as provisions for bad assets were reduced. There was a loss to the tune of Rs1,450.50 crore during the corresponding April-June quarter of fiscal ended March 2017.
Total income of the bank also fell to Rs5,174.50 crore during the three months to June this fiscal, as against Rs5,868.44 crore on account of reduction in interest rates, the bank said in a regulatory filing.

Despite a downsizing of the NPA provisions, the bank witnessed a year-on-year spike in its bad assets proportion during the first quarter of current fiscal 2017-18. Gross non-performing assets (NPAs), as a percentage of gross advances, shot up to 23.60% as on 30 June 2017 as against 20.48% as on end-June last year.
“Accretion to gross NPA is contained to Rs355 crore in the June quarter. One of the main reasons for higher gross NPA ratio is the contraction of credit by 9.26% year-on- year,” the bank said. Net NPAs or bad loans also rose to 14.97% of net advances by 30 June 2017 from 13.97% by the end of June 2016.
Net NPA has reduced in quantum and the higher net NPA is due to contraction of credit by 9.26% year on year, it said. In value-terms, gross NPAs spiked to Rs35,453.12 crore from Rs33,913.15 crore for the comparable periods. However, size of net NPAs was down at Rs20,165.61 crore by end of June 2017 from Rs21,321.24 crore a year earlier.
Among other key verticals, the net interest margin (NII)—a key factor to measure profitability—stood at 1.65% for the quarter ended June 2017 as against 1.87% end-June 2016. On the good side, bank cost to income ratio fell to 61.40% for the quarter from 63.62% same period year ago.
On NPA management, IOB said the recovery during the June quarter is significantly higher at Rs2,784 crore as against Rs1,465 crore in the year ago corresponding period. 

No comments:

Post a Comment

Important keywords

Abhyudaya Co-op Bank Ltd AIBEA AIBOA AIBOC Allahabad Bank Andhra Bank Arunachal Pradesh Rural Bank Assam Co-operative Apex Bank Ltd Atal Pension Yojana(APY) Axis Bank Balance inquiry number BaNCS Bandhan Bank Bank of Baroda Bank of India Bank of Maharashtra Bankers Banks Banks Board Bureau BEFI Bharatiya Mahila Bank Bipartite Settlement CANARA BANK Cash Reserve Ratio(CRR) Catholic Syrian Bank CBS CENTRAL BANK OF INDIA Cheque Truncation System City Union Bank Corporation Bank COSMOS Bank Credit Card Credit Officer DA DCB Bank Dena Bank Dhanlaxmi Bank Federal Bank Finacle FRDI Gandhinagar Nagarik Co. Op. Bank GSC Bank HDFC Bank IBA IBPS ICICI Bank IDBI Bank IDFC Bank India Post Payments Bank Limited INDIAN BANK Indian Overseas Bank IndusInd Bank J & K Bank Kalol Nagrik Sahakari Bank Kangra Central Co-operative Bank Karnataka Bank Karur Vysya Bank Kerala Gramin Bank Kotak Mahindra Bank Lakshmi Vilas Bank Langpi Dehangi Rural Bank Meghalaya Rural Bank Mehsana Urban Co. Operative Bank Ltd Mizoram Rural Bank NABARD Nagaland Rural Bank Nainital Bank NPA NPCI NPS Oriental Bank of Commerce PPF Pradhan Mantri Sneh Bandhan Yojana Prompt Corrective Action Punjab & Sind Bank Punjab National Bank Q1 Results Q1FY17 Q1FY18 Q2 Results Q2FY17 Q2FY18 Q3 results Q3FY17 Q3FY18 Q4 Results Q4FY16 Q4FY17 Rajkot Nagarik Sahakari Bank RBI RBL Bank SBBJ South Indian Bank Sovereign Gold Bonds Specialist Officer SSBEA State Bank of Hyderabad state bank of india State Bank of Mysore State Bank of Patiala State Bank of Travancore strike Sukanya Samriddhi SYNDICATE BANK The Kalupur Co-Operative Bank UCO Bank UFBU Unified Payments Interface Union Bank of India United Bank of India UPI USSD Vijaya Bank Yes Bank

Contact Form


Email *

Message *