India’s IDBI Bank Q4 net loss widens to Rs 3,200 crore as bad loans surgebusiness Updated: May 18, 2017 15:25 IST
Indian state-run IDBI Bank reported fourth-quarter net loss widened to Rs 3,200 crore ($495.1 million) as bad loans soared, sending its shares down more than 8%.
That compared with a net loss of Rs 1,736 crore in the year-ago quarter.
Gross bad loans as a percentage of total loans rose to 21.25% as at end-March, from 15.16% in December, and 10.98% in March 2016.
India’s central bank recently initiated “prompt corrective action” on IDBI, which the lender said was due to high bad loans and negative return on assets.