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."
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