IDBI Bank Q3 loss widens to Rs 2255 crore , net NPA jumps to 9.61%
Asset quality deteriorated further, with gross non-performing assets as a percentage of gross advances rising 211 basis points sequentially to Rs 15.16 percent and net NPA up 129 basis points at 9.61 percent in quarter gone by.
IDBI Bank has reported a net loss of Rs 2,255 crore in the quarter ended December 2016, which widened compared with loss of Rs 2,184 crore in same quarter last year. Higher non-performing assets & provisions and lower net interest income & operating profit impacted profitability of the bank. Net interest income during the quarter fell sharply by 45.3 percent to Rs 850.4 crore from Rs 1,555 crore in corresponding quarter of last fiscal.
Non-interest income (other income) also declined 4.7 percent year-on-year to Rs 551.15 crore and operating profit tanked 83.7 percent to Rs 182.2 crore in quarter ended December 2016.
Asset quality deteriorated further, with gross non-performing assets as a percentage of gross advances rising 211 basis points sequentially to Rs 15.16 percent and net NPA up 129 basis points at 9.61 percent in quarter gone by.
Gross NPA in absolute terms jumped 17 percent to Rs 35,245 crore and net NPA spiked 15.1 percent to Rs 20,949 crore compared with previous quarter. Provisions for non-performing assets remained at elevated level, up 156 percent quarter-on-quarter and 37.5 percent year-on-year at Rs 2,357.21 crore in Q3FY17.
Technical Levels for IDBI Bank
Support at 80 and Resistance at 86
Break and sustain below 80 will take it to 78---73 and then to 70 else could touch its resistance level of 86.
Fresh buying can be initiated above 86
Trade with levels only
More will update soon!!
