State-run lender IDBI Bank today reported a net loss of Rs 198 crore in the quarter ended September impacted by rise in the non performing assets.
The bank had reported a net profit of Rs 56 crore in the year ago quarter.
On a sequential basis, however, the bank was able to contain its losses. The bank had reported a net loss of Rs 853 crore in the quarter ended June 30, 2017.
"Sequentially, we have been able to pare our losses helped by higher interest income and also improvement in operating profit," the bank's deputy managing director G M Yadwadkar said.
The operating profit stood at Rs 2,798 crore for quarter ended September from Rs 1,540 crore last year.
Net interest income improved by 3.63 per cent as compared to the year-ago period.
Net interest margin (NIM) improved to 2.17 per cent from 1.90 per cent in the year ago period.
Gross NPA in the quarter almost doubled to 24.98 per cent in the quarter from 13.05 per cent, while net NPAs rose to 16.06 per cent from 8.32 per cent.
Fresh slippages reduced to Rs 3,381 crore in the quarter from Rs 5,587 crore.
Recovery in the quarter was of Rs 1,297 crore and it upgraded Rs 620 crore worth of loans.
It's provisions surged to Rs 2,996 crore from Rs 1,484 crore.
In the quarter, the bank raised around Rs 1,350 crore through sale of its two non crore assets. The banks sold 10.03 per cent stake in Sidbi and 2.50 per cent in CCIL.
"We have planned to raise Rs 5,000 crore through sale of our non crore assets in FY18 which may extend to the first quarter of the next fiscal," bank's deputy managing director K P Nair said.
It's Casa stood 35.34 per cent of aggregate deposits as on September 2017 as against 27.69 per cent of aggregate deposits as on September 2016.
The bank's scrip closed at Rs 62.70, down 3.91 per cent on the BSE which ended today at 33,213.13, down 0.16 per cent.
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