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

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.