IDBI Bank Q2 loss at Rs 198 crore as bad loans rise

New Delhi: State-owned IDBI Bank on Tuesday posted a loss of Rs 197.8 crore for the second quarter ended September due to significant jump in bad loans.

The bank had reported net profit of Rs 55.52 crore for the July-September period of last fiscal, 2016-17.

Its total income also declined to Rs 8,297.60 crore for the quarter under review, as against Rs 8,387.20 crore in the year-ago period, IDBI Bank said in a statement.

Its gross non-performing assets (NPAs) nearly doubled to 24.98 per cent of the total advances, as against 13.05 per cent in the same period of last fiscal.

Net NPAs too shot up significantly to 16.06 per cent from 8.32 per cent in the year-ago period.

As a result, provisions and contingencies more than doubled to Rs 3,256.60 crore in the July-September quarter of 2017-18, as against Rs 1,349.09 crore in the year-ago period. Provisions for bad loans also surged to Rs 1,275.96 crore from Rs 920.48 crore a year ago.

For the half year ended September, the bank's loss rose to Rs 1,050.85 crore as compared to profit of Rs 296.62 crore in the year-ago period.

The bank's Capital Adequacy Ratio stood at 11.98 per cent (as per Basel III) as of September 30.