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IDBI Bank tanks 12% as Q1 loss widens to Rs 3,801 crore

The bank had registered a loss of Rs 2,409.89 crore in the year-ago period.

Housing Finance Stocks and Nifty Bank

Shares of IDBI Bank plunged as much as 12.33 per cent to Rs 23.80 apiece in the morning trade on Friday after the lender posted a net loss of Rs 3,800.84 crore for the quarter ended June 30, 2019. The bank had registered a loss of Rs 2,409.89 crore in the year-ago period.

At 10:07 am, the stock was trading nearly 9 per cent lower at Rs 24.80 apiece on the BSE. In comparison, the benchmark S&P BSE Sensex was ruling 185 points or 0.49 per cent lower at 37,127.03.

IDBI Bank's provisions jumped 20.93 per cent to Rs 6,332.05 crore as against Rs 5,235.96 crore in the year-ago quarter. In the previous quarter (January-March period), provisions stood at Rs 8,532.78 crore. 
 
Gross non performing assets (GNPAs) came in at 29.12 per cent against 30.78 per cent in the corresponding quarter of the previous fiscal. In March quarter, though, the figures stood at 27.47 per cent. Net non-performong assets (NPAs) stood at 8.02 per cent as compared to 18.76 per cent in the year-ago period. In Mrach quarter, net NPAs was 10.11 per cent. 

Other income rose 29.55 per cent year-on-year (YoY) to Rs 832.83 crore in the three months from Rs 642.84 crore a year-ago period.