IDBI Bank Ltd. reported a net loss for the fiscal first quarter ended June 30, on the back of a decline in interest earned.
The bank posted a stand-alone net loss of 24.10 billion Indian rupees, or 6.83 rupees per share, compared to 8.53 billion rupees, or 4.14 rupees per share, in the year-ago period.
Interest earned for the period fell to about 57.60 billion rupees from 60.11 billion rupees year over year, while income on investments increased to roughly 15.66 billion rupees from 15.07 billion rupees.
Operating profit before provisions and contingencies for the quarter surged on an annual basis to 10.81 billion rupees from 8.43 billion rupees. Meanwhile, provisions and contingencies for the first quarter increased to 52.36 billion rupees from about 20.36 billion rupees a year earlier.
The Indian lender's reversal on tax for the period came in at 17.45 billion rupees, compared to 3.40 billion rupees in the prior-year quarter.
As of June 30, the lender's gross nonperforming assets ratio was 30.78%, up from 27.95% at March 31 and 24.11% at June 30, 2017. Its net NPA ratio stood at 18.76%, up from 16.69% at the end of March and 15.80% at the end of June 2017.
IDBI Bank's capital adequacy ratio under Basel III clocked in at 8.18% as of June 30, down from 10.41% at March-end and from 10.92% a year earlier.
As of Aug. 14, US$1 was equivalent to 70.02 Indian rupees.