IDBI Bank trims Q2 net loss to Rs 3,459 cr

Private sector IDBI Bank on Friday reported a slight narrowing of its net loss to Rs 3,458.84 crore for the second quarter ended September.

The lender had posted a net loss of Rs 3,602.49 crore during the corresponding July-September period of 2018-19. Compared sequentially, the losses were down from June quarter's Rs 3,800.84 crore.

Total income during the quarter rose to Rs 6,231.02 crore from Rs 6,162.14 crore in the same period of 2018-19, the bank said in a regulatory filing.

Bad loans remained on the higher side. The gross non-performing assets (NPAs) stood at 29.43 per cent of gross advances by end of September 2019, as compared to 31.78 per cent in the year ago period.

In absolute value, the gross NPAs were at Rs 52,052.78 crore, down from Rs 60,875.49 crore earlier.

Net NPAs or bad loans, however, reduced substantially to 5.97 per cent (Rs 7,918.61 crore) as compared to 17.30 per cent (Rs 27,294.58 crore).

Provisions for bad loans were at Rs 3,544.93 crore for the quarter, down from Rs 5,481.64 crore in the year-ago period.

Overall provisions and contingencies also came down to Rs 5,641.32 crore from Rs 6,579.83 crore.

Stock of IDBI Bank closed at Rs 32.80, down 2.38 per cent from their previous close.