IDBI Bank pares loss to ₹1524 crore in third quarter

IDBI Bank pares loss to ₹1524 crore in third quarter

IDBI Bank pares loss to ₹1524 crore in third quarter

Private sector lender, ICICI Bank, reported a drop of 32 percent in the Q3 net profit at Rs 1,650 crore against Rs 2,442 crore posted during the same period previous year. Net loans to companies whose facilities have been restructured were ₹ 1,815 crore (US$ 284 million) at December 31, 2017 compared to ₹ 2,029 crore (US$ 318 million) at September 30, 2017.

Its net interest income rose 6% year over year to INR57.05 billion.

The bank, India's third-largest by assets, reported net profit of 16.5 billion rupees ($259.4 million) for the three months to December 31, against 24.42 billion rupees in the same period a year earlier.

The bank's gross and net NPA, as on December 31, 2017, stood at Rs 50,621 crore and Rs 29,352 crore respectively, up from Rs 35,245 crore and Rs 20,949 crore for the period ended December 31, 2016.

Gross NPA additions declined 37.76% to Rs 4,380 crore. RBI has mandated 50% provision for such accounts.

Total advances increased by 10% yoy to Rs 505,387 crore ($ 79.1 billion) at Q3FY18, from Rs 457,469 crore ($ 71.6 billion) at Q3FY17 compared to growth of 6% yoy at Q2FY17. Retail will continue to grow at 18-20 per cent levels, while corporate segment will be up by over 10 per cent, she added.

Domestic net interest margin was 3.53% and the overall net interest margin was 3.14% in Q3-2018.

The bank has been reluctant on foreign advances and "not actively growing the overseas" book, Kochhar said, adding the global loan book has come de-grown 14.5 per cent during the quarter.

Kochhar said RBI may hike interest rates with the firming up of inflation, and will be keenly watching oil prices and fiscal deficit numbers from a price-rise management perspective. Nair said it is a conscious decision to shrink the balance sheet.

The bank scrip closed 0.10 per cent up at Rs 352.95 a piece on the BSE, as against a 0.19 per cent correction on the benchmark.

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