Indian Overseas Bank reports net loss of Rs 1450.50 crore in Q1

Indian Overseas Bank has reported results for first quarter ended June 30, 2016.

The bank has reported a net loss of Rs 1450.50 crore for the quarter ended June 30, 2016 as compared to a net profit of Rs 14.76 crore for the same quarter in the previous year. Total income of the bank decreased by 12.05% to Rs 5868.44 crore for the quarter under review, from Rs 6672.11 crore for the corresponding quarter of the previous year.

The bank’s gross NPA for the April-June quarter of the current fiscal increased to 20.48%, as compared to 9.40% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 13.97% in Q1FY17.