New Delhi: State-owned IDBI Bank's net loss nearly doubled at Rs 3,200 crore in the quarter to March 2017, mainly due to higher provisioning for bad loans.
Bank's net loss was Rs 1,736 crore in the January-March quarter of 2015-16.
As per the financial result posted by the bank on stock exchanges, its annual loss for 2016-17 too widened to Rs 5,158 crore as against Rs 3,665 crore in the previous fiscal.
IDBI's total income during the fourth quarter of 2016-17 was Rs 8,048 crore, down from Rs 8,275 crore in the year-ago quarter leading to reduced operational income.
The bank made provisions worth Rs 4,590 crore in the fourth quarter to deal with non-performing assets (NPAs). The provisioning was Rs 3,331 crore in the corresponding quarter of 2015-16.
The Gross NPAs almost doubled to 21.25 percent of the gross advances in the fourth quarter of the last fiscal compared to 10.98 percent in the corresponding period of the previous financial year. The net NPAs were 13.21 percent against 6.78 percent.
The bank, however, reported increase in net interest income which went up by 14.43 percent from Rs 1,427 crore for the quarter ended March 2016 to Rs 1,633 crore for the three months ended March 2017. The net interest margin (NIM) too has increased.
IDBI Bank's share closed at Rs 70 apiece on BSE, down 7.77 percent over yesterday.
Updated Date: May 18, 2017 18:19 PM