Indian Overseas Bank (IOB) has reported a net loss for the 15th consecutive quarter on Thursday. IOB reported narrowing of net loss to Rs 1,985.16 crore for the March quarter of the previous fiscal due to a reduction in bad loans and provisioning. The public sector lender reported a loss of Rs 3,606.73 crore during January-March, 2017-18. Total income during the quarter was down at Rs 5,473.92 crore from Rs 5,814.42 crore in the year-ago period.
Gross non-performing assets (NPAs) of the bank came down to 21.97 percent (Rs 33,398.12 crore) of the gross advances by end of March 2019 as against 25.58 percent (Rs 38,180.15 crore) at March-end 2018.
R Subramaniakumar, MD and CEO, IOB, discussed growth aspirations of the bank going forward.
"Slippage has been very well contained from quarter-on-quarter. The major strategy that we did was that we moved to month on non-performing assets (NPAs) recognition which helped us to reduce our slippages around Rs 6,000 crore in this entire year,” Subramaniakumar said.
On fresh slippage, he said, “In Q1 it was Rs 1,994 crore, it was Rs 1,754 crore in Q2, in Q3 it was Rs 1,178 crore and Q4 was Rs 1,402.”
From Q1 FY20, slippages will come in at three digits, Subramaniakumar added.
At 11:22 AM, shares of IOB were down 0.38 percent to Rs 13.20 per share on the NSE.