IDBI Bank Ltd on Monday reported a net loss of Rs853.01 crore in the quarter against a profit of Rs241.10 crore in the same quarter last year due to increase in bad loans and slower credit growth.
However, the loss was restricted due to tax write-back of Rs339.61 crore.
Gross non-performing assets (NPAs) surged 84% to Rs50,173 crore during the quarter from Rs272.75 billion in the same quarter last year.
Advances for the quarter declined 14% to Rs1.87 trillion from a year ago. Deposits fell 4.33% to Rs2.43 trillion.
Net interest income (NII) or the core income a bank earns by giving loans declined 18% to Rs1,401.90 crore from Rs1,706.50 crore last year. Other income stood at Rs720 crore, down 21.4% from a year ago.
The bank replaced Indian Overseas Bank to report the highest gross NPAs for the June quarter at 24.11% from 21.25% a quarter ago and 11.92% a year ago.
Till now, in the June quarter, Indian Overseas Bank reported highest gross NPAs at 23.6%, followed by Uco Bank (19.87%), Bank of Maharashtra (18.59%), Central Bank of India (18.23%) and Dena Bank (17.37%).
Net NPAs rose to 15.80% in the June quarter compared to 13.21% in the previous quarter and 7.47% in the same quarter last year.
Provisions and contingencies fell 15% to Rs2,069.70 crore from Rs2,432.24 crore in the same quarter last year. Quarter-on-quarter, it declined 66.67% from Rs6,209.58 crore.
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