IDBI Bank Q3 net loss narrows to Rs 15 bn; provisions for bad loans up 16%

IDBI Bank Ltd posted a fifth straight quarterly loss on Wednesday as provisions for bad loans rose in the period.

Net Loss for the quarter ending Dec.31 narrowed to Rs 15.24 billion ($239.63 million), from Rs 22.55 billion in the corresponding quarter a year earlier. Gross bad loans as a percentage of total loans stood at 24.72 per cent at end-December, compared with 24.98 per cent in the previous quarter and 15.16 per cent a year ago.

Provisions for bad loans grew 16.4 percent to 36.50 billion rupees.