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IDBI Bank fiscal Q4 net loss narrows YOY as provisions drop

IDBI Bank Ltd.'s net loss for the fiscal fourth quarter ended March 31 narrowed year over year as provisions and contingencies fell for the period.

The bank reported net loss of 49.18 billion Indian rupees for the fourth quarter, compared with a net loss of 56.63 billion rupees in the prior-year period. Loss per share was 6.51 rupees compared with a loss per share of 21.27 rupees in the prior-year quarter.

Interest earned for the quarter was 54.63 billion rupees, up from 52.14 billion rupees, while other income fell year over year to 11.53 billion rupees from 27.01 billion rupees. The bank's total income dropped to 66.16 billion rupees from 79.15 billion rupees.

Operating profit came in at 13.96 billion rupees, a year over year decline from 23.63 billion rupees.

The bank posted provisions and contingencies of 85.33 billion rupees, down from 105.46 billion rupees in the quarter ended March 31, 2018. Provisions for nonperforming assets also decreased to 72.33 billion rupees from 107.73 billion rupees.

For the full year ended March 31, IDBI Bank reported a net loss of 149.87 billion rupees, or a loss per share of 30.22 rupees, compared with a net loss of 81.32 billion rupees, or loss per share of 34 rupees, in the prior-year period.

The S&P Global Market Intelligence consensus normalized loss per share estimate for the year was 13.10 rupees.

IDBI Bank reported gross nonperforming asset ratio of 27.47% as of March 31, down from 29.67% as of Dec. 31, 2018 and 27.95% as of March 31, 2018. Its net NPA ratio clocked in at 10.11%, down from 14.01% at the end of 2018 and 16.69% in the prior-year period.

As of March 31, the bank's capital adequacy ratio under Basel III slipped to 11.58% from 12.51% at Dec. 31, 2018, but up from 10.41% at March 31, 2018. Its common equity Tier 1 and additional Tier 1 ratios were 8.91% and 0.23%, respectively, compared with 7.42% and 0.31% in the prior-year quarter.

As of May 30, US$1 was equivalent to 69.83 Indian rupees.