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Friday, July 20, 2018

India’s IDBI Bank posts third straight quarterly loss, shares sink

IDBI Bank had posted a loss of nearly 32 billion rupees in the March quarter this year. Gross bad loans as a percentage of total loans rose to 24.11 percent at end-June from 21.25 percent at end-March and 11.92 percent a year earlier.

By: Reuters | Bengaluru | Published: August 14, 2017 3:19:14 pm
IDBI Bank, Quarterly results, financial year 2017-18, business news, India news, industrial bank, Indian Express IDBI posts third straight quarterly loss. (File Photo)

State-run lender Industrial Development Bank of India (IDBI) posted a third straight quarterly loss on lower interest income and higher bad loans. Net loss was recorded at 8.53 billion rupees ($133.15 million) in the three months ended June 30, compared with a profit of 2.41 billion rupees a year earlier, the Mumbai-based bank said on Monday.

IDBI Bank had posted a loss of nearly 32 billion rupees in the March quarter this year. Gross bad loans as a percentage of total loans rose to 24.11 percent at end-June from 21.25 percent at end-March and 11.92 percent a year earlier. Shares fell as much as 4.6 percent to their lowest in 18 months in trading after the results.

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