Cabinet approves LIC's proposal to acquire 51% stake in IDBI Bank

IDBI Bank Q3 loss rises to over 4,185 cr on high provisions, nearly three times than year-ago

Public sector lender, IDBI which was established in 1964 by an Act of Parliament has seen a sharp increment in its third quarter loss. The bank has seen a 3-time increase in its loss to 4,185 crore which a year-ago stood at Rs 1,524 crore.

The net interest income, which is the difference between interest earned and interest expanded, saw a nosedive, falling to as much as 18.5 percent year-on-year to Rs 1,357 crore.

On January 21, state-run Life Insurance Corporation of India (LIC) completed its acquisition of 51 per cent stake in the financially-stressed IDBI Bank, as said in a regulatory filing by the bank.

Earlier, despite heavy decline crude oil prices and decline in the refining margins, state owned oil and gas company Indian Oil Corporation (IOC) registered a profit. For the period between October-December the company saw a profit of Rs 716.8 crore. In the same period a year ago, company had reported a net profit of Rs 7883 crore, making the latest numbers see decline of 91%.

At 15:30 hours IST, the stock closed at 50.65 points down by 2.15, while the BSE SENSEX closed at a gain of 113.31 points at 36,582.74 points.

HC rejects plea challenging LIC acquiring 51 per cent stake in IDBI

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