February 7, 2017 / 9:40 AM / a year ago

India's state-run IDBI Bank reports $335 mln Q3 net loss

MUMBAI, Feb 7 (Reuters) - India’s IDBI Bank Ltd reported its third-quarter net loss widened to 22.55 billion rupees ($335 million) as provisions for bad loans surged.

The state-run bank, in which the government wants to cede majority control in a test case for reforms in the sector, had reported a net loss of 21.84 billion rupees for the year-ago quarter.

Provisions for bad loans jumped to 23.57 billion rupees for the three months to Dec. 31, 2016, from 17.15 billion rupees a year earlier. Gross bad loans as a percentage of total loans rose to 15.16 percent as at end-December, from 13.05 percent in September, and 8.94 percent from a year earlier.

Shares in IDBI Bank were 2.3 percent lower as of 0922 GMT in a Mumbai market that was down 0.5 percent.

United Bank of India, a smaller state-run lender which also reported third-quarter results on Tuesday, saw its net profit rising. ($1 = 67.3975 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Subhranshu Sahu)

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