Mumbai: IDBI Bank Ltd on Thursday said its net loss for the March quarter widened from a year ago as bad loans mounted and provisions soared. This was the second consecutive quarter when the bank reported a loss.
Net loss for the quarter stood at Rs3,199.76 crore against Rs1,735.81 crore a year ago. However, losses were restricted due to a tax write-back of Rs1,620.02 crore in the quarter.
Provisions jumped 39.54% to Rs6,209.58 crore from Rs4,450.15 crore year-on-year.
Gross non-performing assets (NPAs) soared 80% to Rs44,752.59 crore at the end of the March quarter from Rs24,875.07 crore a year ago. The bank reported gross NPA of Rs35,245.33 crore a quarter ago.
As a percentage of total loans, gross NPAs stood at 21.25% at the end of the March quarter compared with 15.16% in the previous quarter and 10.98% in the year-ago quarter. Net NPAs were at 13.21% compared with 9.61% in the previous quarter and 6.78% in the same quarter last year.
Net interest income, or the core income a bank earns by giving loans, rose 14.44% to Rs1,633.29 crore from Rs1,427.24 crore in the year-ago period. Other income declined 21.17% to Rs1,061.52 crore from Rs1,346.53 crore in the same period last year.
Deposits rose 1.06% year-on-year to Rs2.69 trillion, while advances declined 11.61% to Rs1.91 trillion.
IDBI Bank shares closed at Rs70 on BSE, down 7.77% from previous close, while India’s benchmark Sensex index fell 0.73% to 30,434.79 points.