Indian Overseas Bank carries on the trend, shows Rs 936 crore loss for Q4
MUMBAI: Chennai-based public sector lender, Indian Overseas Bank BSE -1.25 % showed a fourth quarter loss of Rs 936 crore against a loss of Rs 35 crore a year ago, and has declared no year end dividend. In the context of all public sector banks showing massive rise in bad loans in this year because of the RBI's asset quality review, Indian Overseas Bank has performed better than the last quarter.
In the third quarter of FY16 the bank had shown a loss of Rs 1,425 crore.
The bank's provisions against bad loans or loans which are not being repaid on time have jumped to Rs 2,666 crore from Rs 986 crore a year ago. The share of bad loans out off its total advances increased to 17.4 per cent from 8.3 per cent a year ago.
The bank's profitability that is reflected by the income of the bank from interest earned has gone down to Rs 714.3 crore from Rs 1,180.2 crore a year ago. ..