IDBI Bank Q3 result, posts net loss of Rs2,255 crore

IDBI Bank on Tuesday said its net loss for the December quarter widened from a year ago as bad loans continued to mount amid a sharp fall in net interest income (NII).

The bank reported a loss of Rs2,254.96 crore in the December quarter against Rs2,183.68 crore a year ago. According to Bloomberg analyst estimates, the bank expected to post a net profit of Rs24.40 crore.

NII or the core income a bank earns by giving loans fell 45.33% to Rs850.38 crore from Rs1,555.54 crore last year. Other income declined 4.7% to Rs551.15 crore from Rs578.30 crore in the same period last year.Provisions and contingencies slumped 13.9% to Rs3,205.52 crore in the quarter from Rs3,722.67 crore a year ago. On quarter-on-quarter basis, it soured 137.6% from Rs1349.09 crore.

Gross non-performing assets (NPAs) rose 17% to Rs35,245.33 crore at the end of the December quarter from Rs30,133.96 crore in the September quarter. On year-on-year basis, it jumped 79.7% from Rs19,615.22 crore.As a percentage of total loans, gross NPAs were 15.16% at the end of the December quarter as compared to 13.05% in the previous quarter and 8.94% in the year-ago quarter.

Net NPAs were at 9.61% in the December quarter compared to 8.32% in the previous quarter and 4.6% in the same quarter last year.