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IDBI Bank reports Rs 853 crore net loss in revenue for Q1

IDBI Bank reports Rs 853 crore net loss in revenue for Q1
Written by Karu Cheema

IDBI Bank reported a standalone net revenue loss at Rs 853 crore for the first quarter (Q1) of 2017-18 ending June 30. Last year a net profit of Rs 241.1 crore was reported during Q1 , in last fiscal. Total income for first quarter fell by 18.11 percent to Rs 6,730.88 crore in comparison to Rs 8,219.43 crore, reprted during 2016-2017 in corresponding period.

Provisioning for non-performing assets (NPAs) increased substantially by 39 per cent from Rs 768.34 crore for Q1 June 2016-17 to Rs 1,069 crore for June 2017-18. The bank gross NPAs rose by a whopping 83.95 per cent to Rs 50,173.20 crore at the end of June 2017.

IDBI, one of the leading lender in the country said Bank is implementing a turn around plan in respect of asset quality, cost reduction, improving income mixing retail and corporate. The Board meeting of the bank in a meeting held on Monday approved a preferential issue of Rs 1,861 crore capital to the government. The scrip of IDBI Bank plunged by 0.57 per cent to close at Rs 52.30 per share on the BSE.

About the author

Karu Cheema

In the depth of the world seeking opinions and lot more, I found my passion in these thoughts, The world is simple word bringing us profound touch locked in the world of words. Was born with soulful passion of becoming a writer, having seek this career is best side of me. I am looking forward to light up this world through the words that can touch everyone's mindfulness.