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IOB to sell bad loans worth Rs 1,800 crore to ARCs

21 Mar 2014 Evaluate

Indian Overseas Bank (IOB) is planning to sell bad loans of 53 accounts worth Rs 1,800 crore to asset reconstruction companies (ARCs) in FY14. The bank has received Rs 1,200 crore from the government.

The bank has reported 35.56% fall in its net profit at Rs 75.07 crore for the quarter as compared to Rs 116.50 crore for the same quarter in the previous year. However, total income of the bank has increased by 5.87% at Rs 6190.26 crore for quarter under review as compared to Rs 5846.98 crore for the quarter ended December 31, 2012.

The bank’s gross NPA for the December 31, 2013 quarter of the current fiscal stood at 5.27%, as compared to 4.13% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 3.24% as compared to 2.33% in the same quarter of the previous year.

Peers
Company Name CMP
State Bank Of India 952.80
PNB 114.30
Bank Of Baroda 234.55
Canara Bank 119.00
Union Bank Of India 173.00
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