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India's IDBI Bank fiscal Q1 net loss widens YOY

India's IDBI Bank Ltd. posted a wider net loss for the fiscal first quarter to June 30, as provisions for nonperforming assets went up.

The bank booked a consolidated net loss of 38.21 billion Indian rupees, against a loss of 23.83 billion rupees in the year-ago period. Loss per share came to 4.94 rupees, against a loss of 6.75 rupees, according to an Aug. 14 earnings report.

Interest earned for the quarter dropped to 50.98 billion rupees from 57.66 billion rupees, while income on investments also went down to 15.11 billion rupees from 15.66 billion rupees. Total income amounted to 59.28 billion rupees, down from 64.48 billion rupees.

Operating profit fell to 9.31 billion rupees from 11.08 billion rupees. Meanwhile, the bank booked provisions and contingencies of 63.32 billion rupees, up from 52.36 billion rupees. Its provisions for NPAs came to 70.09 billion rupees, up from 46.03 billion rupees a year earlier.

Net interest margin for the period stood at 2.13%, slightly down from 2.17% in the same period last year.

At the end of June, the lender's gross NPA ratio came to 29.12%, compared to 30.78% as of June 30, 2018. Its net NPA ratio also went down to 8.02% from 18.76% over the same period.

IDBI Bank's capital adequacy ratio under Basel III clocked in at 8.31%, down from 11.73% in the prior quarter and from 8.35% at the end of June 2018. Its common equity Tier 1 ratio for the quarter stood at 6.07%, down from 9.06% as of March 31, but up from 6.01% as of June 30, 2018.

As of Aug. 14, US$1 was equivalent to 71.53 Indian rupees.