This Article is From Aug 14, 2017

IDBI Bank Posts Third Straight Quarterly Loss

Net loss was 8.53 billion rupees in June quarter, compared with a profit of 2.41 billion rupees a year earlier.

IDBI Bank Posts Third Straight Quarterly Loss

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

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.

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 per cent at end-June from 21.25 per cent at end-March and 11.92 per cent a year earlier.

Shares fell as much as 4.6 per cent to their lowest in 18 months in trading after the results.
 
© Thomson Reuters 2017


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