New Delhi: nation-owned IDBI financial institution on Friday published a net lack of Rs 1,735.81 crore for the March zone, hit by using a -fold jump in bad loans.
The financial institution had earned a internet income of Rs 545.ninety four crore at some stage in the January-March period of 2014-15.
general profits additionally decreased to Rs eight,274.58 crore all through the quarter, as towards Rs 9,382.37 crore inside the year-in the past length.
The financial institution’s provisioning closer to terrible loans rose to Rs 3,331 crore during the area ended March, as towards Rs 1,943 crore within the corresponding duration of the preceding fiscal.
For the overall economic 2015-16, the bank registered a net lack of Rs three,664.eighty crore as against a internet profit of Rs 873.39 crore in 2014-15.
“total earnings has decreased to Rs 31,453.forty six crore for the 12 months ended March 31, 2016 from Rs 32,161.sixty two crore a yr earlier,” it said in a regulatory submitting.
The gross non-acting assets as on March 2016 stood at 10.ninety eight consistent with cent of gross advances at Rs 24,875 crore, in comparison to five.88 consistent with cent (Rs 12,685 crore) a yr in the past, it said.
net NPA stood at 6.seventy eight in keeping with cent (Rs 14,643 crore) as compared to two.88 in step with cent (Rs five,993 crore) a 12 months in the past.
several banks, including PNB, financial institution of Baroda, Syndicate financial institution and Allahabad bank, have suggested losses for the quarter ended March because of a surge in awful loans.
The creditors are required to park apart a bigger contingency toward bad loans, as per RBI’s Asset great review (AQR) tips.
IDBI inventory closed 0.47 consistent with cent decrease at Rs 64.10 apiece on BSE.