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IDBI Bank Shares Slump 12% After Posting Massive Q1 Losses

At 12:53 pm, the IDBI Bank stock was trading at Rs 24.80, down 9%, on BSE after hitting an intra-day low of Rs 23.95, its lowest level in 16 years.

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Updated:August 16, 2019, 1:31 PM IST
IDBI Bank Shares Slump 12% After Posting Massive Q1 Losses
File photo: IDBI Bank.

IDBI Bank Ltd shares slumped as much as 12% in intraday trade on Friday, i.e. 16 August after the lender posted massive loss of Rs 3,801 crore in the first quarter ended June (Q1) from Rs 2,409 during the same quarter a year ago.

At 12:53 pm, the IDBI Bank stock was trading at Rs 24.80, down 9%, on BSE after hitting an intra-day low of Rs 23.95, its lowest level in 16 years.

IDBI Bank’s net interest income (NII) also slipped 11.1% to Rs 1,458 crore in the June quarter against Rs 1,639 crore a year ago.

IDBI Bank’s managing director and chief executive Rakesh Sharma told PTI: “As we had to make higher provisions for NPA (non-performing assets), there was a net loss of Rs 3,801 crore during the quarter.”

The bank’s gross NPA ratio was up 160 basis points sequentially to 29.1%, while net NPA ratio decreased 210 bps to 8% against 10.1%.

In absolute terms, net NPAs were down 265 to Rs 10,963 crore in the June quarter versus Rs 14,837 crore in the previous quarter and gross NPAs were up to Rs 51,657 crore against Rs 50,028 crore.

IDBI Bank’s provisions rose 21% to Rs 6,332 crore in the June quarter as against Rs 5,236 crore in the year-ago quarter. However, they fell if compared with the previous quarter’s number of Rs 8,532.78 crore.

In a related development, Sharma also announced on Wednesday that IDBI Bank was in talks with investors, including Life Insurance Corporation of India (LIC), to raise Rs 10,000 crore capital by the end of the second quarter to meet minimum regulatory requirements.

This includes Rs 1,500 crore to be realised by the sale of non-core assets, Sharma added. The bank has received binding bids for stake in its mutual-funds subsidiary, while the process is also on for monetising investment in IDBI Federal Life Insurance.

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