IDBI Bank posts third straight quarterly loss; shares sink

REUTERS - State-run lender IDBI Bank Ltd posted a third straight quarterly loss on lower interest income and higher bad loans.

Net loss was 8.53 billion rupees ($133.15 million) in the three months ended June 30, compared with a profit of 2.41 billion rupees a year earlier, the Mumbai-based bank said on Monday. http://bit.ly/2uBF3DR

IDBI Bank had posted a loss of nearly 32 billion rupees in the March quarter this year.

Gross bad loans as a percentage of total loans rose to 24.11 percent at end-June from 21.25 percent at end-March and 11.92 percent a year earlier.

Shares fell as much as 4.6 percent to their lowest in 18 months in trading after the results.

 

($1 = 64.0625 Indian rupees)

(Reporting by Tanvi Mehta in Bengaluru; Editing by Gopakumar Warrier)