IDBI Bank Q4 net loss at Rs 1,736 cr

IDBI Bank Q4 net loss at Rs 1,736 cr

 IDBI Bank has reported a loss of Rs 1,736 crore compared with a net profit of Rs 546 crore in the same quarter previous fiscal. The loss was mainly on account of higher provisions and a decline in asset quality.

Net interest income for the bank during the quarter declined 14% to Rs 1,427.58 crore in the fourth quarter against Rs 1,660.26 crore in the comparable period.

Provisions for the bank during the quarter increased 159% to Rs 4,450.15 crore against Rs 1,717.90 crore in the fourth quarter of the previous fiscal. Gross non- performing assets nearly doubled to 10.98% from 5.88% an year ago and 8.94% in the sequential quarter. Net NPAs stood at 6.78% against 2.88% in the same quarter previous fiscal and 4.6% in the third quarter of the current fiscal.

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