LIC-controlled IDBI Bank has posted a higher net loss of Rs 3,800 crore in the quarter ended June 2019 as against a loss of Rs 2,410 crore in the year-ago period as high non-performing assets (NPAs) and provisions continued to hit the bottom line of the bank.
The bank had posted a loss of Rs 4,918 crore in the March quarter. As the bank, in which LIC acquired 51 per cent stake in 2018, has reported a loss of Rs 15,116 crore in fiscal 2018-19. The total loss in the last five quarters amounts to Rs 18,916 crore.
Total income of the bank, which is under the prompt corrective action (PCA) framework of the RBI, also declined to Rs 5,927 crore in the June quarter as against Rs 6,447 crore in the same period a year ago. The net interest income (NII) of the company was down 11.1 percent at Rs 1,458 crore against Rs 1,639 crore.
The company’s gross NPA ratio improved to 29.1 per cent of advances against 30.78 per cent a year ago.