INSUBCONTINENT EXCLUSIVE:
hefty provision for loans given to debt laden ILFS
Net profit fell to Rs 1,001 crore, or Rs 4.3 per share, from Rs 1,077 crore, or Rs 4.7 per share a year ago.
Total provisions increased to
Rs 550 crore from Rs 421 crore a year ago as the private lender had to set aside Rs 508 crore as NPA provisions, including Rs 478 crore for
and higher than 1.60 per cent reported in the quarter ended September 2018
as we expect to see some results from the asset sales initiated in this account in the next three to six months
ILFS out of which Rs 1,913 crore is classified as NPA with a provision of 25 per cent.
The remaining Rs 617 crore, including Rs 529 crore
exposure to the maritime companies of the infrastructure group, is still considered as standard and is hence being provided at 15 per
cent.
Operationally, however, the bank did well with loan book increasing 42 per cent and net interest income (NII) grew 41 per cent, led by
who will take over from March 1
additional directors on its board, replacing Vasant Gujarathi and R Chandrashekhar, both of whom had quit the bank in November
Former additional chief secretary of Gujarat Maheswar Sahu and former chief information officer at HDFC Bank Anil Jaggia have been appointed
