After losses for 13 quarters, IDBI Bank clocks net profit of ₹135 cr in Q4FY201 min read . Updated: 30 May 2020, 05:42 PM IST
Net loss for the entire fiscal year 2019-20 stood at Rs12,887 crore against a loss of Rs15,116 crore in FY19
MUMBAI : IDBI Bank on Saturday reported a net profit of ₹135 crore in the quarter ended March as against a loss of ₹4,918 crore for Q4FY19.
It had posted a net loss for the past 13 quarters. However, net loss for the entire fiscal year 2019-20 stood at ₹12,887 crore against a loss of ₹15,116 crore in FY19.
As on March 31, the bank had made Covid-19 related provisions of ₹247 crore in Q4 FY20 against standard assets.
The gross non-performing asset (NPA) ratio stood at 27.53% as against 27.47% as on March 31 last year and 28.72% as on December 31.
During the financial year, IDBI Bank raised capital funds of ₹745 crore through issue of Basel III compliant tier 2 bonds. The amount mobilised will be counted as part of tier 2 capital and enhance the bank's capital adequacy.
In September last year, the government had approved ₹9,300 crore capital infusion into IDBI Bank to increase the lender's capital base.
Life Insurance Corporation (LIC), which has a controlling stake in IDBI, infused ₹4,743 crore while the government provided ₹4,557 crore as one-time re-capitalisation.