IDBI Bank Q4 net loss widens to Rs3,200 crore as bad loans surge

By Rob 0

Mumbai: Indian state-run IDBI Bank reported fourth-quarter net loss widened to Rs3,200 crore ($ 495.1 million) as bad loans soared, sending its shares down more than 8%.

That compared with a net loss of Rs1,736 crore in the year-ago quarter.

Gross bad loans as a percentage of total loans rose to 21.25% as at end-March, from 15.16% in December, and 10.98% in March 2016.

The Reserve Bank of India recently initiated “prompt corrective action” on IDBI, which the lender said was due to high bad loans and negative return on assets.

First Published: Thu, May 18 2017. 05 08 PM IST

[Source: livemint.com]