IDBI Bank reports Rs 4,185 cr net loss in Q3

State-owned lender IDBI Bank's net loss widened during the quarter ended December 31, 2018, due to higher provisioning for non-performing assets (NPAs). According to the state-run lender, its net loss in the three months ended December 31, 2018, widened to Rs 4,185.48 crore from a net loss of Rs 1,524.31 crore reported for the same period of the last financial year.

"Net loss stands at Rs 4,185 crore for QE Dec 2018 on account of higher provisioning," the bank said in a statement. The lender's total provisions for NPA during the quarter under review increased by 39.51 per cent to Rs 5,074.80 crore, compared to Rs 3,637.49 crore in Q3FY18.

As per the lender's statement, gross NPA and net NPA ratio improved to 29.67 per cent and 14.01 per cent, respectively, as on December 31, 2018, as against 31.78 per cent and 17.30 per cent, respectively, as on September 30, 2018. "Slippages during the quarter were Rs 2,211 crore which was lowest during the last 7 quarters," the statement said.