IDBI Q4 loss widens on provisioning as NPAs surge to 28%

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Mumbai, May 25 (IANS) State-run IDBI Bank on Friday posted a loss of Rs 5,662.76 crore for the fourth quarter ending March, its numbers being pulled down further by its deteriorating bad loans.

IDBI had reported a net loss of Rs 3,199.77 crore in the corresponding quarter of the last fiscal, the bank said in a stock exchange filing. It has now reported losses for the sixth successive quarter.

Its net interest income fell 44 per cent to Rs 915.47 crore during the quarter in consideration, as compared to Rs 1,633.29 crore in the same quarter last year.

The asset quality of the lender dropped further with the percentage of gross non-performing assets (NPAs), or bad loans, shooting up 27.95 per cent in the quarter under review, as against 21.25 per cent in the fourth quarter of 2017-18 and 24.72 per cent in the last quarter.

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IDBI’s gross NPAs during the fourth quarter went up to Rs 55,588.26 crore against Rs 44,752.59 crore in the same quarter last year.

Provisions and contingencies rose to Rs 10,544.34 crore during the quarter in question, over Rs 5,864.65 crore in the corresponding quarter last year and Rs 4,655.80 crore in the previous quarter ending December.

The divergence as defined by the Reserve Bank of India in IDBI’s gross and net NPAs for 2016-17 stood at Rs 10,282 crore and Rs 5,818 crore, respectively.

The IDBI bank stock closed on Friday at Rs 65.10 a share, down Rs 2.10, or by 3.13 per cent on its previous close on the BSE.

–IANS

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