After losses for 13 quarters, IDBI Bank clocks Q4 profit of Rs 135 crore
Mumbai (Maharashtra) [India], May 30 (ANI): IDBI Bank on Saturday reported a net profit of Rs 135 crore in the quarter ended March as against a loss of Rs 4,918 crore for Q4 FY19.
ANI
May 30, 2020 17:12 IST
Mumbai (Maharashtra) [India], May 30 (ANI): IDBI Bank on Saturday reported a net profit of Rs 135 crore in the quarter ended March as against a loss of Rs 4,918 crore for Q4 FY19.
It had posted a net loss for the past 13 quarters. However, net loss for the entire fiscal year 2019-20 stood at Rs 12,887 crore against a loss of Rs 15,116 crore in FY19.
As on March 31, the bank had made Covid-19 related provisions of Rs 247 crore in Q4 FY20 against standard assets.
The gross non-performing asset (NPA) ratio stood at 27.53 per cent as against 27.47 per cent as on March 31 last year and 28.72 per cent as on December 31.
During the financial year, IDBI Bank raised capital funds of Rs 745 crore through issue of Basel III compliant tier 2 bonds. The amount mobilised will be counted as part of tier 2 capital and enhance the bank's capital adequacy.
In September last year, the government had approved Rs 9,300 crore capital infusion into IDBI Bank to increase the lender's capital base.
Life Insurance Corporation (LIC), which has a controlling stake in IDBI, infused Rs 4,743 crore while the government provided Rs 4,557 crore as one-time re-capitalisation. (ANI)
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