IDBI Bank has reported a poor set of Q1 2014 numbers with the profit after tax falling sharply to Rs 306 crores, as against Rs 427 crores reported in the corresponding period of last year.
The gross non performing assets have risen sharply to 4.34 as as June 30, 2013, against 3.24 per cent as at June 30, 2012.
The stock was down 3.46 per cent in trade today. IDBI Bank is the third bank to have reported rising NPAs, after HDFC Bank and Kotak Bank.
The sharp deterioration in the asset quality of public sector banks has reached alarming proportion and their shares have fallen to new 52-week lows.
Net NPAs at IDBI Bank have now risen from 2.07 per cent as on June 30, 2012 to 2.16 per cent as on June 30, 2013.