Indian Overseas Bank narrows loss to Rs 499 crore

Indian Overseas Bank narrows loss to Rs 499 crore”

Heavy loan loss provisions has dragged State Bank of India's first quarter net profit down 20 per cent. The bank made marginally more with its revenue from treasury operations improving to Rs 1,651.65 crore in the first-quarter from Rs 1,614.03 crore for the same quarter a year ago. Net interest income during the quarter stood at Rs 2,243 crore, up 6.7 per cent from a year ago, while non-interest income stood at Rs 1,414 crore, up 36 per cent.

Gross non-performing assets (NPAs), as a percentage of gross advances, shot up to 23.60 per cent as on June 30, 2017 as against 20.48 per cent as on end-June previous year.

Profit came in at 10.26 billion rupees ($160.06 million) for the three months ended June 30, compared with 13.35 billion rupees a year earlier, the company said.

The total stressed assets (gross NPA + restructured standard assets) as percentage of global gross advances declined from 16.47% in June 2016, to 16.03% in June 2017.

Provision coverage ratio improved from 53.06% in June 2016, to 63.54% in June 2017, which was at 61.47% in March 2017.Gross advances grew 0.90% to Rs 3,91,062 crore.

Year-over-year, the only improvements the bank has made has been in terms of its shoring up its solvency margins and reducing costs Capital adequacy ratio (%) at the bank in line with Basel III regulations improved to 10.64% from 9.47%.

IOB stock closed 3.35 per cent lower at Rs 23.10 a unit on the BSE.

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