IDBI Bank’s net loss widens to Rs 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.business Updated: May 25, 2018 15:50 IST
State-owned IDBI Bank on Friday reported a widened net loss at Rs 5,662.76 crore in the quarter ending March 2018, due to higher provisioning for non-performing assets (NPAs).
The bank had reported a net loss of Rs 3,199.77 crore in the corresponding January-March quarter of 2016-17.
The bank’s income during January-March 2018 was Rs 7,913.82 crore, marginally up from Rs 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 Rs 55,588.26 crore, up from Rs 44,752.59 crore on March 31, 2017.
The filing said the provisioning for NPAs were raised to Rs 10,773.30 crore in the fourth quarter of the fiscal ended March 2018, up from Rs 6,054.39 crore parked aside in the year ago period.
IDBI Bank’s shares were down 2.38% or Rs 1.60 to Rs 65.50 on the NSE on Friday.
First Published: May 25, 2018 15:49 IST