IDBI Bank Posts Q4 Loss Of Rs 5,663 Crore

Galtero Lara
May 26, 2018

The lender had registered a net profit of Rs 154.72 crore in the corresponding quarter of 2016-17.

Provisions remained at elevated levels that limited bank's profitability, reporting at Rs 86.2 crore for the quarter, up 0.6 percent compared to previous quarter and up 21 percent over same period past year.

The quarterly loss, the sixth straight in a row, was deeper than the Rs 3,200 crore recorded in the same period previous year, the bank said in a statement on Friday.

Asset quality improved during January-March quarter as gross non-performing assets were lower at 3.03 percent compared to 3.30 percent previous quarter. In absolute value, gross NPAs were Rs 564.

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Net interest, the difference between interest earned and interest expended, grew by 18.5 percent year-on-year to Rs 368 crore in Q4FY18.

Net NPAs were at 5.49 per cent (Rs 234.82 billion) as of March 2018 against 4.72 per cent (Rs 180.80 billion) in the year ago period.

The bank said its board of directors at the meeting held today did not declare any dividend for 2017-18. Besides, the board approved to raise additional fund of Rs 10,000 crore until March 2019 and more if needed. Shares of the bank closed 1.80 per cent up at Rs 141.20 on BSE.

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