Mumbai, Feb 13 (PTI) State-run Indian Overseas Bank today reported higher losses at Rs 971.17 crore for the quarter to December, against a net loss of Rs 554.44 crore a year-ago, due to higher provisioning for bad loans.

The bank’s total provisions increased to Rs 1,640.25 crore in the quarter from Rs 1,406.03 crore a year-ago, of which around Rs 1,250 crore were for provisions for non- performing assets.

This was despite its gross NPA ratio improving to 21.95 per cent from 22.42 per cent, and so was the net NPA ratio which declined to 13.08 per cent from 14.32 per cent.

“One area of concern is the loss and we are trying to reduce it, but the migration provisioning is something which is adding up to our negative numbers,” R Subramaniakumar, managing director and chief executive told PTI here today.

He said he has set a target of bringing down gross NPA numbers to below 20 per cent in the March quarter.

Fresh slippages stood at Rs 1,431 crore, while the lender recovered Rs 3,020.53 crore of bad loans.

“Earlier efforts on recovery was slack but now it has strengthened. We are confident that we will be able to move up in respect of recoveries,” Subramaniakumar said.

While the bank’s deposits stood at Rs 2,16,592 crore, gross advances stood at Rs 1,51,536 crore.

The bank had already received Rs 173.06 crore from government last month as capital infusion, and will be getting another Rs 4,964 crore from the government as part of the recapitalisation plan.

This is published unedited from the PTI feed.