Mumbai: IDBI Bank on Wednesday said its first quarter net loss widened Rs 3,801 crore for the three months ended 30 June 2019 on higher provisioning and lower net interest income.
The bank had posted a net loss of Rs 2,410 crore in the year-ago period. The bank had reported a net loss of Rs 4,918.44 crore in March quarter.
Provisions during the quarter increased 20.93 per cent to Rs 6,332.05 crore as against Rs 5,235.96 crore in the year-ago quarter.
The net interest income, or the difference between interest earned and that expended, fell 11.04 per cent to Rs 1,458 crore from Rs 1,639 crore in the corresponding period last year.
The net interest margin was at 2.13 per cent for Q1-2020 as compared to 2.17 per cent for Q1-2019.
The bank's asset quality improved during the June quarter, with gross non-performing assets (NPAs) as a percentage of total advances at 29.12 per cent in the June quarter compared with 30.78 per cent in the year-ago June quarter.
The net NPA ratio was at 8.02 per cent against 18.76 per cent in the corresponding period of last year.
The provision coverage ratio (PCR) improved to 87.79 per cent as on June 30, 2019 from 64.45 per cent as on June 30, 2018. The recovery from NPAs was Rs. 729 crore in Q1-2020.
On Wednesday, shares of the bank gained 2.05 per cent to close at Rs 27.35 on the BSE.
