India’s IDBI Bank posts third straight quarterly loss, shares sink
IDBI posts third straight quarterly loss. (File Photo) IDBI posts third straight quarterly loss. (File Photo)
State-run lender Industrial Development Bank of India (IDBI) posted a third straight quarterly loss on lower interest income and higher bad loans. Net loss was recorded at 8.53 billion rupees ($133.15 million) in the three months ended June 30, compared with a profit of 2.41 billion rupees a year earlier, the Mumbai-based bank said on Monday.
IDBI Bank had posted a loss of nearly 32 billion rupees in the March quarter this year. Gross bad loans as a percentage of total loans rose to 24.11 percent at end-June from 21.25 percent at end-March and 11.92 percent a year earlier. Shares fell as much as 4.6 percent to their lowest in 18 months in trading after the results.
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