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IDBI Bank Q4 net loss widens to Rs 3,200 cr as bad loans surge

Reuters/Mumbai 18 May 17 | 03:53 PM

IDBI Bank

Indian state-run IDBI Bank reported fourth-quarter net loss widens by 54.2% to Rs 3,200 crore ($495.1 million) from a net loss of Rs 1,736 crore in the year-ago quarter as bad loans soared, sending its shares down more than 8 per cent.

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

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