State-owned IDBI Bank on Monday reported its standalone net loss at Rs 853 crore for the first quarter (Q1) of 2017-18 ending June 30 from a net profit of Rs 241.1 crore reported during Q1 last fiscal.

The state-run bank’s total income for Q1 fell by 18.11 per cent to Rs 6,730.88 crore compared to Rs 8,219.43 crore reported during the corresponding period of 2016-17.

The provisioning for non-performing assets (NPAs) increased substantially by 39 per cent from Rs 768.34 crore for Q1 June 2016-17 to Rs 1,069 crore for June 2017-18.

The bank’g gross NPAs rose by a whopping 83.95 per cent to Rs 50,173.20 crore at the end of June 2017.

“The Bank is implementing a comprehensive turnaround plan in respect of asset quality, cost reduction, improving income and proper mix of retail and corporate,” the lender said in a statement.

The Board meeting of the bank in a meeting held on Monday approved a preferential issue of Rs 1,861 crore capital to the government.

The scrip of IDBI Bank plunged by 0.57 per cent to close at Rs 52.30 per share on the BSE.

First Published | 14 August 2017 5:33 PM
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