NEW DELHI: Indian Overseas Bank (IOB) Thursday reported narrowing of net loss to ₹1,985.16 crore for the March quarter of the previous fiscal due to reduction in bad loans and provisioning. Total income during the quarter was down at ₹5,473.92 crore from ₹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 ₹3,737.88 crore from ₹6,299.49 crore during 2017-18. Net NPAs were 10.81 per cent ( ₹14,368.30 crore) as against 15.33 per cent ( ₹20,399.66 crore). Thus, provisioning and contingencies for the March quarter 2019 were reduced to ₹4,501.92 crore from ₹6,774.55 crore a year ago.

Source: Mint May 09, 2019 14:26 UTC