February 4, 2019 / 9:00 AM / 5 months ago

India's IDBI Bank third-quarter loss balloons

Feb 4 (Reuters) - IDBI Bank Ltd on Monday reported a loss for the ninth straight quarter, as provisions for bad loans continued to remain elevated and interest income declined.

Net loss widened to 41.85 billion rupees ($583.93 million) for the three months ended Dec. 31, from a loss of 15.24 billion rupees a year earlier, said here IDBI, which is now majority owned by Life Insurance Corp (LIC).

Provisions for bad loans climbed nearly 40 percent to 50.75 billion rupees.

However, asset quality improved, with gross bad loans as a percentage of total loans easing to 29.67 percent at end-December, from 31.78 percent at end-September. This was still higher than 24.72 percent a year earlier.

LIC in January completed the acquisition of a controlling stake in IDBI, in a deal aimed at helping the lender get capital to set aside for bad loans and grow its lending. ($1 = 71.6700 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich)

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