IDBI Bank Ltd.'s net loss for the quarter ended March 31 widened year over year, as provisions and contingencies surged.
The India-based bank reported a stand-alone net loss after minority interest and share of loss in associates of 56.63 billion Indian rupees for the fiscal fourth quarter, compared to a net loss of 32 billion rupees in the prior-year period. Loss per share was 21.27 rupees, compared to 15.54 rupees.
Interest earned during the quarter dropped to 52.14 billion rupees from 69.87 billion rupees, while other income jumped to 27 billion rupees from 7.17 billion rupees. Total income rose to 79.14 billion rupees from 77.03 billion rupees.
Operating profit before provisions and contingencies increased to 23.62 billion rupees from 10.45 billion rupees in the prior-year quarter.
Provisions and contingencies surged to 105.44 billion rupees from 58.65 billion rupees. Provisions for nonperforming assets totaled 107.73 billion rupees, compared to 60.54 billion rupees in the quarter ended March 31, 2017, the bank said.
For the fiscal year ended March 31, the bank posted a consolidated net loss after minority interest and share of loss in associates of 81.32 billion rupees, or a loss of 34 rupees per share, compared to net loss of 50.16 billion rupees, or a loss of 24.36 rupees per share, in the prior fiscal year.
The bank's gross nonperforming assets ratio clocked in at 27.95% as of March 31, up from 24.72% at Dec. 31, 2017, and 21.25% at March 31, 2017. Its net NPA ratio came to 16.69%, up from 16.02% at the end of 2017 and 13.21% in the prior-year period.
As of March 31, the bank's capital adequacy ratio under Basel III fell to 10.41% from 11.93% at Dec. 31, 2017, and 10.70% at March 31, 2017. Its common equity Tier 1 and additional Tier 1 ratios were 7.42% and 0.31%, respectively, compared to 5.64% and 2.17% in the prior-year quarter.
As of May 24, US$1 was equivalent to 68.34 Indian rupees.
