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Chennai-headquartered Indian Overseas Bank reported improvements on many fronts that included reduction of net loss, growth in operating profit, higher recoveries, and containment of slippages during the September quarter.
The PSU lender reduced its net loss by 60 per cent to ₹487 crore for the quarter ended September 30, 2018, compared with a net loss of ₹1,223 crore in the year-ago quarter. Provisions and contingencies stood at ₹1,791 crore against ₹2,261 crore in the same period previous fiscal.
Operating profit grew to ₹1,304 crore (₹1,039 crore), an increase of 26 per cent. “Net loss is due to provisions on bad debts and investment and not due to operations,” according to a statement.
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