IDBI Bank reports Rs 853 cr net loss for Q1

State-owned IDBI Bank on Monday reported its standalone net loss at Rs 853 crore for the first quarter (Q1) of 2017-18 ending June 30 from a net profit of Rs 241.1 crore reported during Q1 last fiscal.

The state-run bank's total income for Q1 fell by 18.11 per cent to Rs 6,730.88 crore compared to Rs 8,219.43 crore reported during the corresponding period of 2016-17.

The provisioning for non-performing assets (NPAs) increased substantially by 39 per cent from Rs 768.34 crore for Q1 June 2016-17 to Rs 1,069 crore for June 2017-18.

The bank'g gross NPAs rose by a whopping 83.95 per cent to Rs 50,173.20 crore at the end of June 2017.

"The Bank is implementing a comprehensive turnaround plan in respect of asset quality, cost reduction, improving income and proper mix of retail and corporate," the lender said in a statement.

The Board meeting of the bank in a meeting held on Monday approved a preferential issue of Rs 1,861 crore capital to the government.

The scrip of IDBI Bank plunged by 0.57 per cent to close at Rs 52.30 per share on the BSE.

--IANS

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