Economy

IDBI Bank reports 4th straight quarterly loss, gross NPAs rise to 25%

IDBI Bank reports 4th straight quarterly loss, gross NPAs rise to 25%”

IDBI Bank reported its fourth straight quarterly loss on Tuesday as the state-run lender continued to struggle with bad loans. This was nearly 141 per cent higher than Rs 1,349.09 crore in the year-ago quarter.

On a sequential basis, however, the bank was able to contain its losses.

During the September quarter, the bank reported a loss of Rs197.84 crore against a profit of Rs55.52 crore a year ago.

Net interest income (NII) or the core income a bank earns by giving loans rose marginally by 3.7% to Rs1,657.45 crore versus Rs1,598.61 crore past year.

Gross non-performing assets as percentage of gross advances rose to 24.98 per cent in Q2 from 24.11 per cent in Q1 and 13.05 per cent in year-ago quarter.

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.

Net interest margin (NIM) improved to 2.17 per cent from 1.90 per cent in the year ago period.

Fresh slippages reduced to Rs 3,381 crore in the quarter from Rs 5,587 crore. The bank got a tax write-back of Rs260.53 crore against Rs135.03 crore paid previous year same quarter.

Provisions for bad loans also surged to Rs 1,275.96 crore from Rs 920.48 crore a year ago.

Its Casa stood 35.34 per cent of aggregate deposits as on September 2017 as against 27.69 per cent of aggregate deposits as on September 2016.



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