New Delhi: Public sector lender Indian Overseas Bank's net loss widened to Rs 3,606.73 crore in the March quarter due to higher provisioning for mounting bad loans.
The bank had registered a net loss of Rs 646.66 crore in the same quarter of previous fiscal. Its net income stood at Rs 5,814.42 crore during the fourth quarter of 2017-18 from Rs 5,661.70 crore in same period a year-ago, the bank said in a BSE filing.
The bank's provisions for bad loans and contingencies increased sharply to Rs 6,774.55 crore during the March quarter from Rs 1,789.74 crore a year earlier.
Asset quality worsened with gross non-performing assets (NPAs) at 25.28 per cent of gross advances at the end of March from 22.39 per cent in the year-ago period. Net NPAs were at 15.33 per cent of net loans, up from 13.99 per cent in the last quarter of 2016-17.
For the full financial year 2017-18, the bank's net loss rose to Rs 6,299.49 crore from Rs 3,416.74 crore in 2016-17. Its net income remained lower at Rs 21,661.65 crore as against Rs 23,091.25 crore in the said period.
Shares of Indian Overseas Bank were trading 2.40 per cent lower at Rs 16.25 apiece on BSE.