Money & Banking

IDBI Bank reports net loss of Rs 5,763 crore in Q3 of FY20

Our Bureau Mumbai | Updated on February 11, 2020

File photo   -  The Hindu

IDBI Bank reported a huge net loss of Rs 5,763 crore in the third quarter against a net loss of Rs 4185 crore in the year ago period.

The LIC promoted Bank said the loss is mainly on account of it exercising option of lower tax rate, taking a one time hit of Rs 6,273 crore.

Rakesh Sharma, MD & CEO, said but for this one time hit, the net profit would have been Rs 418 crore.

IDBI has been declaring losses for the last 12 quarters.

The turnaround happened at the profit before tax level at Rs 756 crore against a loss of Rs 5,805 crore in the year-ago quarter.

Net interest income improved 13 per cent year-on-year (yoy) at Rs 1,532 crore.

Non-interest income jumped to Rs 1,278 crore against Rs 698 crore in the year ago period.

Published on February 11, 2020

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