IDBI Bank reports Q1 net loss at Rs 853 crore

Mumbai: State-owned IDBI Bank on Monday ran up a net loss of Rs 853 crore for the first quarter ended June, mainly hurt by higher provisioning against bad loans.

It is the third straight quarter when the bank reported net loss.

The bank had posted a profit of Rs 241.10 crore in April-June of 2016-17.

Total income in the June quarter was Rs 6,730.88 crore, down from Rs 8,219.43 crore a year earlier, it said in a regulatory filing.

Gross non-performing assets (NPAs) soared to Rs 50,173.20 crore, or 24.11 per cent, in the first quarter of 2017-18, from Rs 27,275.15 crore in the year-ago period.

Net NPA was 15.8 per cent, up from 7.47 per cent in the year-ago quarter.

The stock closed at Rs 52.45, down 0.57 per cent from its previous close, on the BSE on Monday.