IFCI’s loss stands at Rs 318 cr

NEW DELHI: Term lender IFCI has reported a loss of Rs 318 crore for the three-month period to March due to significant jump in non-performing assets.The company had posted a loss of Rs 101 crore in the corresponding January-March period of the preceding fiscal, IFCI said in a statement, reports PTI. Total income during the quarter declined to Rs 597 crore, as against Rs 1,024 crore a year ago. Asset quality of the country's oldest financial institution further deteriorated. Its gross non-performing assets (NPAs) or bad loans soared significantly to 31.9 per cent, up from 13.1 per cent during the same period a year ago. Net NPAs too rose to 27 per cent for the quarter under review from 9.5 per cent a year ago. Consequently, the provisions towards bad loans increased to Rs 499.63 crore from Rs 484.35 crore for the last quarter of 2015-16.