IDBI Bank’s Q1 net loss widens to Rs 2,410 cr

IDBI Bank’s Q1 net loss widens to Rs 2,410 cr
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Mumbai: State-run IDBI Bank’s standalone net loss has widened to Rs 2,409.89 crore for the first quarter of 2018-19 on the back of a rise in the provision for non-performing assets (NPAs).

The lender had reported a net loss of Rs 853.01 crore in the corresponding quarter of the previous fiscal.

As per the results, the bank’s provisions (other than tax) and contigencies (net) for the June quarter stood at Rs 5,236.07 crore from Rs 2,035.96 crore reported for the like period of 2017-18.

IDBI Bank’s gross NPAs during the first quarter rose to Rs 57,806.84 crore against Rs 50,173.20 crore in the same quarter of 2017-18.

However, the lender’s “Net Interest Income” increased by 17 per cent to Rs 1,639 crore from Rs 1,402 crore for the first quarter of 2018-19.

The bank’s “Net Interest Margin” improved by 45 basis points to 2.17 per cent from 1.72 per cent reported for the quarter ended June 30, 2017.

IANS