IOB asset quality improves

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VIS News Service

The Indian Overseas Bank (IOB) recently announced that its Non-Performing Assets (NPA) are down by 10.81 per cent at Rs 14,368 crore by the end of the March quarter of this financial year, against 15.33 per cent in the corresponding period a year ago. 

The bank improved its provision coverage ratio to 71.39 per cent as against 59.45 per cent last March.

Total recoveries also improved during the quarter to Rs 4,102 crore, while fresh slippages were at Rs 1,402 crore. 

“The recovery achieved is substantially higher than slippages during the quarter, mainly due to focused priority action on arresting slippages and improving recovery in NPA/OTS accounts,” the bank said in a press release. The bank’s operating profit for the quarter was flat at Rs 1,1131.50 crore, and it brought down its net loss to Rs 1,985.16 crore from Rs 3,606.73 crore reported for the same period last year.

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