IDBI Bank Q2 losses widen to Rs 3,602 cr on higher provisions

State-run IDBI Bank's losses widened to Rs 3,602 crore in the quarter ended September on account of higher provisioning for bad loans and lower interest income.

The bank had reported a net loss of Rs 198 crore in the year-ago quarter.

Explaining the losses, it's newly appointed managing director and CEO, Rakesh Sharma, said, "Nearly, 30 per cent of our assets are non-performing loans and as a result interest income is under stress. In the quarter, the bank had to make higher provisioning for NPAs."