IDBI Bank’s net loss widens to ₹5,663 crore in Q4 as bad loans surge

IDBI Bank’s gross NPA soared to 27.95% of its loans at March 2018-end compared to 21.25% at the end of March 2017.

State-owned IDBI Bank on Friday reported a widened net loss at ₹5,662.76 crore in the quarter ending March 2018, due to higher provisioning for non-performing assets (NPAs).

IDBI Bank’s shares were down 2.38% or ₹1.60 to ₹65.50 on the NSE on Friday. (Pradeep Gaur/Mint)

The bank had reported a net loss of ₹3,199.77 crore in the corresponding January-March quarter of 2016-17.

The bank’s income during January-March 2018 was ₹7,913.82 crore, marginally up from ₹7,703.19 crore in the year-ago period, it said in a regulatory filing.

IDBI Bank’s gross NPA soared to 27.95% of its loans at March 2018-end compared to 21.25% at the end of March 2017. Similarly, the net NPAs were 16.69% compared to 13.21%.

In absolute terms, gross bad loans stood at ₹55,588.26 crore, up from ₹44,752.59 crore on March 31, 2017.

The filing said the provisioning for NPAs were raised to ₹10,773.30 crore in the fourth quarter of the fiscal ended March 2018, up from ₹6,054.39 crore parked aside in the year ago period.

IDBI Bank’s shares were down 2.38% or ₹1.60 to ₹65.50 on the NSE on Friday.