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Last Updated : Nov 08, 2019 07:11 PM IST | Source: Moneycontrol.com

IDBI Bank Q2 loss narrows to Rs 3,458.8 cr; board approves entire stake sale in AMC, MF Trustee

Provisions and contingencies were down by 10.9 percent QoQ to Rs 5,641.32 crore in Q2FY20 and the same declined 14.3 percent YoY.

 
 
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IDBI Bank narrowed its losses to Rs 3,458.8 crore in the quarter ended September 2019 from Rs 3,602.5 crore in the same period last year. Elevated provisions and higher operating expenses dented profitability.

Net interest income during the quarter grew by 25.4 percent year-on-year to Rs 1,631.4 crore, but loan book degrew 16 percent while deposits were down by 1.86 percent YoY.

On the asset quality front, gross non-performing assets increased 30bps sequentially to 29.4 percent, but net NPAs were lower by 203bps QoQ to 5.97 percent in the quarter ended September 2019.

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Provisions and contingencies were down by 10.9 percent QoQ to Rs 5,641.32 crore in Q2FY20 and the same declined 14.3 percent YoY.

Other income or non-interest income during the quarter increased 28 percent year-on-year to Rs 1,032.66 crore and pre-provision operating profit jumped 18.75 percent to Rs 1,009.44 crore YoY.

Meanwhile, the bank said its board on November 8 has approved the proposal for sale of entire stake in IDBI Asset Management (IAML) and IDBI Mutual Fund Trustee Company (IMTL).

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First Published on Nov 8, 2019 07:11 pm
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