IDBI Bank’s net loss widens to Rs5,663 cr

Mumbai, May 25

State-owned IDBI Bank on Friday reported net loss of Rs 5,662.76 crore in the quarter ending March 2018 due to higher provisioning for non-performing assets (NPAs).

The bank had reported a net loss of Rs 3,199.77 crore in the corresponding January-March quarter of 2016-17.

The bank’s income during January-March 2018 was Rs 7,913.82 crore, marginally up from Rs 7,703.19 crore in the year-ago period, it said in a regulatory filing.

IDBI Bank’s gross NPA soared to 27.95% of its loans at March 2018-end compared to 21.25% at the end of March 2017.

Similarly, the net NPAs were 16.69% as compared to 13.21% in the previous fiscal. — PTI