New Delhi,aug 14:
State-owned IDBI Bank on Tuesday reported widening of loss to Rs 2,409.89 crore for the first quarter ended June 30, hurt by higher provisioning for bad loans.
The bank had posted a loss of Rs 853 crore in the April-June quarter of last fiscal, 2017-18. Its total provisioning for non performing assets (NPAs) or bad loans more than doubled to Rs 5,236.07 crore during the first quarter of 2018-19, from Rs 2,035.96 crore in the year-ago period.
The provision for bad loan alone was Rs 4,602.55 crore, as against Rs 1,873.21 crore. State-owned insurance behemoth LIC has expressed interest in taking up to 51 per cent stake in the debt ridden IDBI Bank.The Union Cabinet has already given its approval to the proposal on August 1. The total income of the bank for the quarter under review also declined to Rs 6,402.50 crore, as against Rs 6,730.88 crore a year ago, IDBI said in a regulatory filing.
