Indian Overseas Bank (IOB) recorded a net loss of ₹346 crore for the quarter ended December 2018.

This is down 64 per cent on a year-on-year basis from the ₹971 crore loss it recorded during the same period last year.

Operating profit for the third quarter registered a growth of 114 per cent to ₹1,466.15 crore against ₹684.77 crore recorded last December.

The bank’s total income increased by 12.39 per cent to ₹5,689 crore (₹5,062 crore) as on December 2018, while interest income grew by 6.75 per cent to ₹4,542 crore (₹4,255 crore).

IOB’s gross non-performing assets (NPAs) increased to 23.76 per cent as on December 2018 against 21.95 per cent a year earlier, while net NPA, as on Q3 FY19, stood at 13.56 per cent (13.08 per cent).

Gross and net NPA of the bank as on December 2018 stood at ₹35,787 crore and ₹17,988 crore, respectively. Amid reduced exposure to stressed sectors, gross advances of IOB came down to ₹1,50,590 as on December, against ₹1,51,536 recorded last year.

While total deposits increased by 1.72 per cent to ₹2,20,311 crore (₹2,16,592 crore), CASA deposits rose by 7.25 per cent to ₹82,081 crore (₹76,526 crore).

The bank’s total business stood at ₹3,70,901 crore as on December 31, 2018, against ₹3,68,128 crore during the same period last year.

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