INSUBCONTINENT EXCLUSIVE:
IDBI Bank posted a loss of Rs 3,200 crore a year earlier.
IDBI Bank Ltd reported a loss of Rs 5,663 crore ($834.82 million) for the fourth quarter as the state-run lender booked higher
provisions following stricter central bank rules on bad loans.Banks saw soured loans and provisions surge in the quarter after the central
bank in February eliminated half a dozen loan restructuring schemes to hasten the clean-up of near-record levels of bad debt.Most of the
legacy issues on asset quality have been recognised, IDBI Bank CEO M K Jain said in a press conference after results, adding Rs 9,700 crore
of loans slipped to non-performing assets due to RBI's latest circular.Provisions for bad loans surged 80 per cent to Rs 10,544 crore, while
that for non-performing assets rose 78 per cent.IDBI Bank's gross bad loans as a percentage of total loans stood at 27.95 percent at
end-March, compared with 24.72 per cent in the previous quarter and 21.25 per cent a year ago.The quarterly loss, the sixth straight in a
row, was deeper than the Rs 3,200 crore recorded in the same period last year, the bank said in a statement on Friday.Most state-run banks
edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
