IDBI Bank Posts Fourth Straight Quarterly Loss

IDBI Bank reported its fourth straight quarterly loss on Tuesday as the state-run lender continued to struggle with bad loans.

Net loss came in at Rs 1.98 billion ($30.59 million) in the three months ended September 30, compared with a profit of Rs 555.2 million a year earlier, the Mumbai-based bank said.

Gross bad loans as a percentage of total loans was 24.98 per cent at end-September, compared with 24.11 per cent a quarter earlier, and 13.05 per cent a year earlier.

IDBI shares were trading 4.3 per cent lower in the Mumbai market that was down 0.29 per cent.

(Reuters)