Private sector IDFC Bank reported a net loss of Rs 369.69
crore for the September quarter due to higher provisioning even as the bank's
bad loans came down.
The bank had
posted a net profit of Rs 233.66 crore in the corresponding July-September
period of 2017-18.Total income was
at Rs 2,453.48 crore for the quarter, up from Rs 2,365.06 crore in the same
period of preceding fiscal, the bank said in a regulatory filing.
There was an
improvement in bank's asset quality during the September quarter of 2018-19 as
the gross non-performing assets (NPAs) came down to 1.63 percent of the gross
advances as against 3.92 percent a year ago.
The net NPAs, as a
percentage of net loans, also reduced to 0.59 percent as on September 30, 2018
as against 1.61 percent earlier. In absolute terms, the
gross NPAs (or bad loans) stood at Rs 894.50 crore as against Rs 2,001.54
crore. Net NPAs were Rs 321.18 crore as compared to Rs 804.99 crore
In spite of NPA ratios
falling down substantially, the bank kept a higher provisioning and
contingencies of Rs 601.38 crore for the July-September period of the current
fiscal. However, there was a
write-back of Rs 100.37 crore as provisions and contingencies in the same
quarter of 2017-18.
Of
the total provisions of nearly Rs 601.38 crore in second quarter, provision of
Rs 344.48 crore is due to reclassification as per regulatory provisioning
norms, Rs 197.13 crore is provision against investments including mark to
market provisions in accordance with RBI guidelines, the bank said.
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