Indian Overseas Bank Q2 net loss widens to Rs 550.83 crore

Chennai: Public sector lender Indian Overseas Bank on Saturday reported a net loss of Rs 550.83 crore for the second quarter ending September 30, 2015.

The Chennai-based bank had registered a net loss of Rs 245.51 crore during the corresponding period of the previous year, Indian Overseas Bank said in a BSE filing.

For the half year period ending September 30, 2015, net loss stood at Rs 536.07 crore as against net profit of Rs 26.21 crore registered during the year ago period.

Total income for the July-September, 2015 quarter increased to Rs 6,769.94 crore from Rs 6,440.77 crore registered during the same period of the previous year.

For the six month period ending September 30, 2015, total income rose to Rs 13,442.05 crore from Rs 12,725.46 crore registered during same period of the previous year.

The bank said "increased provisions for domestic and overseas advances resulted in the net loss for the quarter ending September 30, 2015.

Total business for the quarter ending September 30, 2015 stood at Rs 4,09,542 crore while total deposits stood at Rs 2,33,026 crore.

Gross NPA (Non-Performing Asset) as on September 30, 2015 stood at Rs 19,424 crore with NPA ratio of 11 percent. Net NPA as on September 30, 2015 stood at Rs 12,539 crore with Net NPA ratio of 7.41 percent.