January 31, 2018 / 11:22 AM / 19 days ago

IDBI Bank third-quarter loss narrows

(Reuters) - IDBI Bank Ltd posted a fifth straight quarterly loss on Wednesday as provisions for bad loans rose in the period.

Net Loss for the quarter ending Dec.31 narrowed to 15.24 billion rupees ($239.63 million), from 22.55 billion rupees in the corresponding quarter a year earlier. bit.ly/2BFI6JKGross bad loans as a percentage of total loans stood at 24.72 percent at end-December, compared with 24.98 percent in the previous quarter and 15.16 percent a year ago.

Provisions for bad loans grew 16.4 percent to 36.50 billion rupees.

($1 = 63.5975 Indian rupees)

Reporting by Krishna V Kurup and Arnab Paul in Bengaluru; Editing by Vyas Mohan

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