IDBI Bank posts eighth straight quarterly loss

BENGALURU: IDBI Bank Ltd posted its eighth straight quarterly loss on Wednesday, as the state-run lender set aside more funds for bad loans. Net loss was ₹3,602 crore for the three months ended September 30, compared with a loss of ₹198 crore a year earlier. This is the bank’s longest streak of quarterly losses since at least 2005. Provisions for bad loans at IDBI Bank, which has the highest bad loan ratio in the sector, jumped 92.9% to ₹5,482 crore, leading to a doubling in total provisions. Gross bad loans as a percentage of total loans stood at 31.78% at end-September, compared with 30.78% at the end of the previous quarter.