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Published on 8/11/2019 5:18:28 PM | Source: Dion Global Solutions Ltd

IDBI Bank posts Q2 net loss of Rs 3458.84 cr

The bank reported standalone net loss during the quarter stood at Rs 3458.84 crore as compared to net loss of Rs 3602.49 crore in the previous year quarter. Interest income of the bank declined by 2.94 per cent at Rs 5198.36 crore for the quarter ended September 30, 2019 as against Rs 5355.89 crore in the corresponding period last year. During the July-September quarter, total income rose marginally by 1.12 per cent to Rs 6,231.02 crore from Rs 6,162.14 crore in the year ago period. Meanwhile, operating expenses dropped by 1.70 per cent to Rs 5,221.58 crore from Rs 5,312.13 crore in the same period last year.

Operating profit surged 18.76 per cent to Rs 1,009.44 crore from Rs. 850.01 crore. Provisions and Contingencies slipped by 14.26 per cent at Rs 5,641.32 crore from Rs 6,579.83 crore a year ago. NII, the difference between interest earned on loans and interest paid on deposits, increased by 25.42 per cent at Rs 1,631.48 crore versus Rs 1,300.86 crore in the year ago period.

Non-interest income rose 28.08 per cent year-on-year to Rs 1,032.66 crore. On the asset side, gross non- performing assets (NPAs) fell to 29.43 per cent of the gross advances as at the end of September 30, 2019 from a level of 31.78 per cent year earlier. Its net NPAs or bad loans too declined to 5.97 per cent of net advances on September 30, 2019 from 17.30 per cent a year ago.