Can I look to buy IOB at the current price since its losses are sharply down this quarter?

IOB substantially narrowed its losses for this quarter from Rs.3606 crore in the Q4 last year to just Rs.1985 crore in Q4 of this year. This is despite making additional provisions of Rs.1400 crore for NPAs and another Rs.700 crore for frauds. However, revenues have fallen by 10% and that means business growth is under pressure. Considering that the election results will be out by 23^rd May and this subject is quite government sensitive, you should ideally wait for the new government’s stand on PSU banks before taking a call on the stock.