Mumbai: IDBI Bank Ltd on Tuesday said its net loss for the December quarter widened from a year ago as bad loans continued to mount amid a sharp fall in net interest income (NII).
The bank reported a loss of Rs2,254.96 crore in the December quarter against Rs2,183.68 crore a year ago. According to Bloomberg analyst estimates, the bank expected to post a net profit of Rs24.40 crore.
NII or the core income a bank earns by giving loans fell 45.33% to Rs850.38 crore from Rs1,555.54 crore last year. Other income declined 4.7% to Rs551.15 crore from Rs578.30 crore in the same period last year.
Provisions and contingencies slumped 13.9% to Rs3,205.52 crore in the quarter from Rs3,722.67 crore a year ago. On quarter-on-quarter basis, it soured 137.6% from Rs1349.09 crore.
Gross non-performing assets (NPAs) rose 17% to Rs35,245.33 crore at the end of the December quarter from Rs30,133.96 crore in the September quarter. On year-on-year basis, it jumped 79.7% from Rs19,615.22 crore.
As a percentage of total loans, gross NPAs were 15.16% at the end of the December quarter as compared to 13.05% in the previous quarter and 8.94% in the year-ago quarter.
Net NPAs were at 9.61% in the December quarter compared to 8.32% in the previous quarter and 4.6% in the same quarter last year.
At 2.32pm, IDBI Bank Ltd was trading at Rs81.55 on the BSE, down 2.4% from previous close, while India’s benchmark Sensex index fell 0.45% to 28,310.44 points.