IDBI Bank loss widens to Rs 3,602 crore in Q2
Total income of the bank was also down at Rs 6,162.14 crore in the reported quarter as against Rs 8,302.42 crore.
New Delhi: State-owned IDBI Bank Wednesday reported widening of net loss to Rs 3,602.49 crore during the September quarter of 2018-19, as bad loans jumped substantially.
It had posted a net loss of Rs 197.84 crore in the corresponding quarter of the previous financial year. Total income of the bank was also down at Rs 6,162.14 crore in the reported quarter as against Rs 8,302.42 crore a year ago, IDBI Bank said in a regulatory filing.
The bank's gross non-performing assets (NPAs) hit 31.78 per cent (Rs 60,875.49 crore) of the gross advances by September 30, 2018 as against 24.98 per cent (Rs 51,367.69 crore) in the year-ago period.
Net NPAs stood at 17.30 per cent (Rs 27,294.58 crore) of the net advances, up from 16.06 per cent (Rs 29,488.83 crore) in the corresponding period last year.
Sequentially also, the bad loan proportion of the bank worsened. Thus, the provisioning for NPAs for the quarter was raised to Rs 5,481.64 crore from Rs 2,842.15 crore during the July-September quarter of 2017-18.
The overall provisioning and contingencies stood at Rs 6,579.83 crore for the quarter, up from Rs 3,261.42 crore in the year-ago period. Shares of IDBI Bank were trading up by 1 per cent at Rs 60.50 per scrip on BSE.