Economy

Bharat Forge Q2 net up 60 pc at Rs 204 cr

Public sector Indian Overseas Bank (IOB) today reported widening of its net loss by almost 60 per cent at Rs 1,222.50 crore for second quarter ended September.

In the electro-mechanical projects and services segment, revenue for the quarter was higher at Rs 557 crore as compared to Rs 543 crore in the corresponding quarter previous year.

The bank's total income during the quarter was Rs 5,511.70 crore, up 4.4 per cent from the corresponding period past year and up 5.9 per cent from the first quarter, helped by a growth in the bank's other income.

However, net NPAs or bad loans were cut a tad at 13.86 per cent of the net loans by September 2017 (Rs 18,949.55 crore) against 14.30 per cent at end-September 2016 (Rs 20,765.31 crore).

The net profit of the company for the same quarter during the 2016-17 was reported at Rs 78.16 crore.

Its total income rose to Rs996.12 crore during the quarter under review, from Rs894.87 crore in the year-ago period, the bank said in a regulatory filing. The bank said that it has provided for the entire Rs 868.41 crore provisioning related to its exposure to nine stressed accounts admitted by the National Company Law Tribunal (NCLT).

The company has reported EPS of Rs.1.76 for the period ended September 30, 2017 as compared to Rs.0.99 for the period ended September 30, 2016.



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