Home >Companies >Company Results >After losses for 13 quarters, IDBI Bank clocks net profit of 135 cr in Q4FY20
Photo: Mint
Photo: Mint

After losses for 13 quarters, IDBI Bank clocks net profit of 135 cr in Q4FY20

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.

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