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Industrial Development Bank Of India (IDBI) released their quarterly financial report for the first quarter for the fiscal year 2019 where it posted a net loss of Rs. 2410 crores. It is their seventh consecutive quarterly loss in a row as their net loss for the same quarter of previous year stood at Rs. 853 crores.
Provisions and contingencies went upwards to Rs.5240 crores, a 157% rise, in the quarter under review in comparison to Rs.2036 crores in the last year same period. It reported a tax write-back of Rs. 1746 crores against Rs. 339 crores in the previous year. Gross Non-performing Assets (NPAs) grew 15.2 % to Rs. 57,807 crores in the first quarter of the current financial year as against Rs. 50,173 crores.
Net Interest Income (NII) increased to Rs. 1619 crores, registering a 16.8% rise as compared to Rs.1402 crores earned a year ago. Other income went down by 6.3% against the same period of last year. Recently the government has announced the acquisition of 51% of stake in IDBI Bank by Life Insurance Corporation Of India (LIC).
