Government-owned Indian Overseas Bank Ltd., posted a net loss of Rs 765 crore in the July-September quarter of the current financial year compared to a loss of Rs 550.83 crore in the corresponding quarter last year.
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Asset Quality Woes
Gross bad loans, in absolute terms, soared to Rs 34,724 crore from Rs 33,913 crore in the same period last year. Gross non-performing assets as a percentage of total advances, increased 129 basis points to 21.77 percent from 20.48 percent in the quarter ended June 30. Net non-performing assets increased 33 basis points to 14.30 percent from 13.97 percent earlier.
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Other Key Highlights
- Provision coverage ratio improved to 50.19 percent compared to 47.61 percent in the previous quarter.
- Net interest income for the quarter stood at Rs 4,199.99 crore
- Net interest margins for the current quarter stood at 2.02 percent compared to 1.87 percent in the first quarter of the current financial year.
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Shares closed 2.43 percent lower at Rs 26.05 on the Bombay Stock Exchange.
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